Saudi Grains Organization (SAGO) said on Tuesday it had sold 100 percent stakes in the Second Milling Company and the Fourth Milling Company, completing a previously announced privatization.
The Second Milling Company was sold for 2.13 billion riyals ($568 million) to Abdulaziz Al-Ajlan Sons Company for Commercial and Real Estate Investment, Al-Rajhi International Investment Company, Nadec and Olam International Company, a statement said.
The Fourth Milling Company was sold for 859 million riyals Alana International Alliance, Abdullah Al-Othaim Markets Company and United Feed Industry Company.
The kingdom sold its flour milling business under the country’s Vision 2030 aimed at weaning the economy off oil.
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