First Mills gets CMA’s nod to offer 16.6 mln shares on Tadawul

Logo of First Mills Co.

The Capital Market Authority (CMA) approved today, March 29, the application submitted by First Mills Co. to float 16.65 million shares, or 30% of its capital, on the Saudi Exchange (Tadawul).

The company will issue the prospectus within sufficient time ahead of the initial public offering (IPO), the market regulator said in a statement.

The CMA’s approval is valid for six months as of today. It will be cancelled if the offering and listing of the shares are not completed within this period.

MC1 was established in October 2016. It has branches in Jeddah, Qassim, Tabuk, and Ahsa. It produces various products of flour, fodder and other wheat derivatives.

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