Arabian Mills debuts on TASI today as 10th listing in 2024

08/10/2024 Argaam Special
Logo ofArabian Mills Co.

Logo of Arabian Mills Co.


Arabian Mills for Food Products Co. begins trading on the Saudi Exchange (Tadawul) today, Oct. 8, under the symbol 2285 and ISIN Code SA164H113MH2, at SAR 66 a share.

 

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively.

 

For More IPOs

 

These fluctuation limits will be applied during the first three days of listing.

 

From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limit will no longer apply.

 

This is the tenth listing on Saudi Arabia’s Main Market (TASI) in 2024.

 

Last year, TASI listed seven companies, including, Al Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), Morabaha Marina Financing Co. (MRNA), First Milling Co.Lumi Rental Co.ADES Holding Co., and SAL Saudi Logistics Services Co., besides the listing of Alinma Hospitality REIT Fund.

 

With this, the number of companies listed on TASI reached 223, excluding 18 real estate traded funds.

 

The company offered 15.39 million shares, or 30% of its capital at SAR 66 each. Retail investors were allocated 10% of total offered shares, and institutions were allocated 90%.

 

The retail offering was 9.2x covered with five shares minimum allocated per subscriber. The institutional offering was 132x covered. 

 

 Each retail investor received a minimum of five shares, while the remaining shares will be allocated pro rata, based on the demand size of every subscriber to total shares. The allotment ratio amounted to 1.71%.

   

Company Profile:

 

Arabian Mills —formerly known as Second Milling Company (MC2) —was established in October 2016 as part of the privatization program of Saudi Grains Organization, data available with Argaam showed.


In April 2021, the National Center for Privatization & PPP (NCP) awarded the sale of Arabian Mills to the consortium of Ajlan & Bros Holding Group (ABHG), Al Rajhi International for Investment (RAII), National Agricultural Development Co. (NADEC), and Olam International. This consortium submitted a bid totaling SAR 2.13 billion.


In December 2021, NADEC completed the transfer of all assets of MC2 to Food Security Holding Co., merging the two entities into Second Milling Co. ABHG acquired the entire stake of Olam International, while NADEC increased its ownership share to 14.9%.

 

The company was established to produce and provide wheat and feed products Kingdom-wide. Its main business activities include the production and storage of flour, other wheat derivatives and feed.

 

Company Profile

Company

Arabian Mills for Food Products Co.

Market

TASI

Core Activities

Production of flour products, its derivatives and animal feed

Capital 

SAR 513.15 mln

Number of Shares

51.32 mln

Par Value

SAR 10/share

 

Major Shareholders

Shareholders

Pre-IPO

Post-IPO

Number of Shares

(mln)

Ownership

(%)

Number of Shares

(mln)

Ownership

(%)

ABHG

25.72

50.13%

18.01

35.09%

RAII

17.96

35.00%

12.57

24.50%

NADEC

7.63

14.87%

5.34

10.41%

Public

--

--

15.39

30.00%

Total

51.32

100%

51.32

100%

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.