Riyadh, Kingdom of Saudi Arabia: Baker McKenzie has acted for Modern Mills Company (MMC), a leading Saudi-based milling and nutrition company and a significant contributor to Saudi Arabia's food security ambitions, in its Initial Public Offering (IPO) on the main market of the Saudi Exchange (Tadawul). The deal is valued at around SAR 3.928 million (USD 1.047 million).

The team advised MMC on all legal aspects of the transaction, which involved listing shares on Tadawul and offering 24,549,600 ordinary shares, representing 30% of MMC’s share capital, to the public at an offer price of SAR 48 (equivalent to USD 12.8) per share. MMC received CMA approval on 31 December 2023, and the listing took place on 27 March 2024.

Founded in 1982, MMC has a strong market position across its three product categories; flour, animal feed and animal bran, with a track record of profitable growth.

Leading on the transaction, Nadine Nassar and Robert Eastwood commented: "We are very pleased to once again support on a landmark IPO following continued success in the region. This IPO further demonstrates our understanding of the intricate dynamics and regulatory landscape within the industry, solidifying our position as a trusted legal advisor in the market."

"This IPO offers a great opportunity for investors as they invest in a regional top-tier food enterprise that is known for its strong financial performance," they added.

Abdulrahman Alajlan further stated: “Advising on yet another successful IPO exemplifies our exceptional capital markets knowledge that is second to none. We are delighted to have assisted our client on this significant transaction in the food sector in KSA."

The Capital Markets team at Baker McKenzie comprised Nadine Nassar, Robert Eastwood, Tina Maria Kassouf, Nasser AlShoaibi, Sara AlNasser. From Baker McKenzie London, Charles Farnsworth also provided support.

This deal adds to the long list of transactions on which Baker McKenzie has recently advised on.

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