MC4 gets CMA nod to sell 162M shares on TASI

Logo of Fourth Milling Co. (MC4) 

The Capital Market Authority (CMA) approved on June 24 the application submitted by Fourth Milling Co. (MC4) to sell 162 million shares, or 30% of its 540 million share capital, in an initial public offering (IPO) on the Main Market (TASI).

The prospectus will be published ahead of the subscription start date, the market regulator said in a statement today, June 26.

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The approval is valid for six months from the CMA’s board resolution date. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period, it added.

According to data available to Argaam, MC4 was established in 2017 as a company specialized in the production of flour, wheat derivatives, and fodder. Its operations are located in Dammam, Madinah and Al-Kharj to cover all regions of the Kingdom.

In 2021, the National Center for Privatization and the Saudi Grains Organization announced finalizing the sale of MC4 to an alliance that includes Abdullah Al Othaim Markets Co., Allana International Co., and United Feed Industry Co., at a value of SAR 859 million.

Al Othaim indirectly owns 33.33% of MC4 capital.