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Saudi Arabia’s Fourth Milling Company (MC4) is preparing an IPO listing of its shares on the main market of the Saudi Exchange.
The offering of 162 million ordinary shares represents 30% of the flour and animal feed production company’s total issued share capital.
The offering price will be announced following the end of the institutional bookbuilding period, the company said.
The company said it is targeting 70% of its annual net profits to be paid as dividends.
The IPO announcement comes following the securing of approval from Saudi’s Capital Market Authority (CMA) on 26 June 2024 for registering its share capital.
Bader Hamed AlAujan, Chairman said it will allow the company to expand its portfolio and invest in infrastructure, while expanding on its FOOM brand of products.
Riyad Capital has been appointed as the financial advisor, lead manager, bookrunner, and underwriter.
(Writing by Bindu Rai, editing by Imogen Lillywhite)
