DUBAI - Saudi Arabia's Arabian Mills for Food Products is planning to list 15.4 million shares equal to a 30% stake on its local bourse, according to a statement by the Saudi capital markets authority (CMA) on Monday.

Saudi regulator CMA said it had approved the firm's public listing application, adding Arabian Mills would publish the IPO prospectus "within sufficient time prior to the start of the subscription period."

CMA did not provide a timeline for the listing.

Arabian Mills, previously known as Second Milling Company (MC2), has a wheat milling capacity of around 4,920 tons per day through his three branches in Riyadh, Jazan and Hail.

Arabian Mills was part of a wider privatisation programme under Saudi Arabia's Vision 2030 aimed at weaning the economy off oil.

It was sold for 2.13 billion riyals ($568 million) in 2021 by the Saudi Grains Organization to a consortium comprising Abdulaziz Al-Ajlan and Bros Sons Company for Trading and Real Estate Investment, Al-Rajhi International Investment Company, Nadec and Olam International Company.

Arabian Mills would add to a string of IPOs in the Gulf country and follow the listing in March of Modern Mills - previously known as MC3 - when the company raised $314.6 million by selling a 30% stake.

Saudi Arabian milling firm MC4 is also looking to go public this year, according to a report. ($1 = 3.7514 riyals)

(Reporting by Federico Maccioni, editing by Aurora Ellis)