Global law firm Ashurst has advised on the SAR 2 billion (USD 540 million) Shariah compliant financing provided by Alinma Bank to AlRaha AlSafi Food Company for the acquisition of the First Milling Company (MC1).
AlRaha AlSafi Food Company is owned by Almutlaq Group, AlSafi Holding Co., Abunayyan Trading Co. and Essa Al-Ghurair Investment LLC.
The sale of MC1 to the private sector was part of round one of the privatization of the flour milling business by Saudi Arabian Grains Organisation (SAGO) with support from The National Center for Privatization and PPP (NCP).
The cross-office Ashurst team was led by project finance partner Bilal Rana (Riyadh), with Albert Kromm (Dubai), Iman Linjawi (Riyadh) and Yasmeen Qassab (Riyadh) supporting on the financing aspects, and Matt Hartsuyker (Dubai), Suzanne Farrell (Dubai) and Rushal Noor (Dubai) assisting on the corporate and project workstreams respectively.
Commenting, Bilal Rana said:
"We are delighted to have supported the Sponsors and Alinma Bank on the financing of this 'first-in-kind' acquisition/privatization in the flour milling sector. The successful close of this privatization demonstrates the market's confidence in the privatization programme of the Kingdom of Saudi Arabia being led by NCP in realization of the Kingdom's Vision 2030. We are honoured to have played a role in this."
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For further media information/interview opportunities please contact:
Kirstin Munro
T +44 (0)20 7859 2448 / +44 (0)7799 830 185
E kirstin.munro@ashurst.com
Ashurst is a leading global law firm with world class capability and a prestigious global client base. The firm's in-depth understanding of its clients and commitment to providing exceptional standards of service has seen it become a trusted adviser to local and global corporates, financial institutions and governments on all areas of commercial law. The firm's people are its greatest asset and it brings together lawyers of the highest calibre with the technical knowledge, industry experience and regional know-how to provide the incisive advice clients need.
Ashurst has 28 offices in 16 countries and offers the reach and insight of a global network, combined with the knowledge and understanding of local markets. With 400 partners and a further 1,600 lawyers working across 11 different time zones, the firm is able to respond to clients wherever and whenever required. As a global team, Ashurst has a reputation for successfully managing large and complex multi-jurisdictional transactions, disputes and projects and delivering outstanding outcomes for clients.
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