Saudi cabinet approves transferring flour mills assets to PIF’s firms

Saudi Arabia’s cabinet approved on Tuesday that the privatization committee of the flour mills would transfer all their assets, rights and obligations to the companies established by the Public Investment Fund (PIF).

The cabinet decision, however, included that the land and silos remain under state ownership, Saudi Press Agency (SPA) reported.

The approval was based on the agriculture minister, and the Council of Economic and Development Affairs’ recommendations.

According to data compiled by Argaam, the ownership of the four flour mill companies, which were established in November 2015, was transferred to PIF.

Last year, Saudi Arabia’s agriculture ministry has appointed HSBC as financial advisor for the privatization of the Saudi Grains Organization’s flour mills.