Logo of Fourth Milling Co. (MC4)
Fourth Milling Co. (MC4) begins trading on the Saudi Exchange (Tadawul) today, Oct. 29, under the symbol 2286 and ISIN Code SA16502H3N15, at SAR 5.3 a share.
The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively.
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 11th 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 MC4, the number of companies listed on TASI reached 224, excluding 18 real estate traded funds.
According to data available to Argaam, MC4 had decided to offer 162 million shares, or 30% of its share capital, in an initial public offering (IPO) on TASI.
Of the IPO, 20% was allocated to retail subscribers and 80% to institutions.
The retail tranche was 3.94x covered, with a minimum allocation of 10 shares per individual and a total orders value of SAR 677.1 million. The institutional offering was nearly 119x subscribed.
About MC4
MC4 was established in 2016, and it specializes in the production of flour, wheat derivatives, and fodder.
The company started its operations in 1972 as a group of wheat mills affiliated to the General Food Security Authority (formerly the Saudi Grains Organization).
In 2021, the National Center for Privatization and SAGO announced finalizing the sale of MC4 to an alliance that includes Abdullah Al Othaim Markets Co. (Al Othaim), Allana International Co., and United Feed Manufacturing Co., at a value of SAR 859 million.
Al Othaim owns a 33.33% stake in Gulf Flour Milling Industrial Co. that fully owns MC4. Allana International and United Feed Manufacturing each hold a 33.33% stake in the company.
MC4 is active in the production, packaging and sale of flour products and their derivatives, as well as animal feed and bran.
The company relies heavily on its brands to support the success of business and strengthen its competitive position in the market. MC4 has four brands in the Kingdom that play a key role in its business, namely Foom, Foom the Golden, Miller and the company's main symbol brand MC4.
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Company Profile |
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Name |
Fourth Milling Co. (MC4) |
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Market |
TASI |
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Core Activities |
Production, packaging and sale of flour products and their derivatives-animal feed and bran |
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Capital |
SAR 540 mln |
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Number of Shares |
540 mln |
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Par Value |
SAR 1/share |
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Major Shareholders |
||||
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Shareholder |
Pre-IPO |
Post-IPO |
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Number of Shares (mln) |
Ownership (%) |
Number of Shares (mln) |
Ownership (%) |
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|
Gulf Flour Milling Industrial Co. |
540 |
100% |
378 |
70% |
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Public |
-- |
-- |
162 |
30% |
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Total |
540 |
100% |
540 |
100% |
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