HSBC to advice on Saudi flourmills privatization

Saudi Arabia’s agriculture ministry has appointed HSBC as financial advisor for the privatization of the Saudi Grains Organization’s flourmills that were recently transferred to the ownership of the kingdom’s Public Investment Fund, State News Agency (SPA) reported.

The contract includes reviewing each company’s assets valuation and determining the sale strategy for potential investors.

The Saudi Cabinet in 2015 said it wanted to authorize PIF to regroup nine existing flourmills into four companies that could later on be sold to interested investors through a competitive bidding process, Argaam earlier reported.

Ahmed Al Fares, the director general of the Saudi Grains Organization, said that PIF’s four flourmill companies had already started operating earlier this month.