The share offering is scheduled to take place from September 18 to 19
Image Credit: Arabian Mills
Dubai: Arabian Mills for Food Products Co. announces its intention to sell 15.39 million shares on the Saudi Exchange (Tadawul) through its newly issued prospectus.
The Capital Market Authority (CMA) granted approval for this share sale on June 24, following Tadawul’s approval for the company’s Main Market listing on March 10.
The share offering is scheduled to take place from September 18 to 19. The 15.4 million shares being offered represent 30 per cent of the company’s total capital of $136.7 million (Dh502 million), with a par value of $2.67 (Dh9.8) per share.
Founded to produce and supply wheat and feed products across the country, Arabian Mills focuses on the production and storage of flour, wheat derivatives, and feed. The company operates under two trademarks: ‘Finah’ for its food products, which include various flours, semolina, wheat germ, and bran; and ‘Kamel’ for its feed products, including poultry feed, livestock feed, and wheat bran for animal consumption. According to the prospectus, Arabian Mills holds the second largest share of the flour market in Saudi Arabia, with 27.8 per cent of the market, equating to 943,700 tons of flour.
The company’s mills have a daily production capacity of 4,920 tons of flour and 600 tons of feed.
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