The initial public offering (IPO) of Saudi Arabia’s flour mill companies is expected to be announced during Q2 2018, after obtaining regulatory approvals, financial advisor HSBC Saudi Arabia said in a statement.
Significant process has been achieved over the past few months in preparing the four flour mills for their privatization, so that the planned IPO would meet investors’ demands, the statement said.
The preparations focused on three main aspects ahead of the planned IPO, namely:
- The business model and scope of the flour mills, in line with the public survey and workshop conducted on the matter.
- Detailed regulations governing flour mill companies. Public opinion on the regulations will be sought after obtaining regulatory approvals.
- Audited financial statements of each of the four flour mills for fiscal year 2017.
Qualified investors will have enough time ahead of the announcement to prepare for the IPO, the statement said.
Late in 2015, the Saudi Grains Organization (SAGO) transferred the ownership of four of its flourmill companies to the Public Investment Fund, Argaam earlier reported.
HSBC Saudi Arabia was hired to advise on the privatization process.
In November last year, Riyadh-based SAGO issued preliminary guidelines on the qualification of potential bidders for state-owned grain mills under the planned privatization program.
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