NADEC closes acquisition of MC2, transfers all assets to Food Security Holding

Logo of National Agricultural Development Co.

National Agricultural Development Co. (NADEC) completed the acquisition of Riyadh-based Second Milling Co. (MC2) with consortium members, Olam International Group, Al Rajhi International Investment Co. and Abdul Aziz Al Ajlan Sons Co. for Commercial and Real Estate Investment by transferring all assets of the flour mill to Food Security Holding Co., a limited liability company.

NADEC owns a 10% minority stake in Food Security with liability under an agreement governing NADEC's purchase of specific products from MC2 and an agreement through which NADEC provides management, marketing and support services for MC2, the company said in a statement to Tadawul.

In April, NADEC said that the consortium, comprising Olam International, Al Rajhi International and Al Ajlan, has been awarded the bid to acquire MC2 for SAR 2.138 billion. The acquisition agreement was signed in July, Argaam reported.

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