SAGO transfers ownership of four flourmills to Saudi wealth fund

The Saudi Grains Organization (SAGO) has transferred the ownership of four of its flourmill companies to the Public Investment Fund, Al Eqtisadiah newspaper reported, citing Ahmed Al Fares director general of SAGO.

A financial advisor will be appointed soon to manage selling the companies to investors.

SAGO will monitor the selling process after appointing a financial advisor, including the asset valuation, marketing the companies, and preparing the sale specifications by the end of 2017 as planned. 

Al-Fares said the companies are already operating, and that the latest mill was launched to cover Riyadh, Jazan, and Hail branches.

The Saudi cabinet decided in November 2015 to privatize SAGO’s flourmills, which will be monitored by the Public Investment Fund and SAGO.