Fourth Mills Company shares gave up the gains it achieved during its first trading session in Saudi Stock Exchangeafter it rose by about 9%, recording 5.79 riyals during the session.
“Fourth Mills” is the last of the four mill companies to be listed on the stock exchange, which the Saudi government began privatizing in mid-2020. The company sold 162 million shares, representing 30% of its shares, at a price of 5.3 riyals per share, and the coverage of the individual segment reached 3.9 times, while it was The coverage ratio of institutions is about 119 times.
Established in 2016, the Fourth Mills was part of a broader privatization program within the framework of the Kingdom’s “Vision 2030” that aims to transition away from dependence on oil. It was sold in 2021 to an alliance that includes “Al-Othaim Markets”, “Alana International” and “United Feed Industry” for 859 million riyals.
The flour production mills sector is one of the first sectors to be fully privatized according to the privatization program.
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