National Agricultural Development Company (Nadec) has announced that the Saudi Capital Market Authority (CMA) approved the registration and public offering of 15.39 million shares of Arabian Mills for Food Products, representing 30% of its total shares.

Nadec holds a 14.87% stake in Arabian Mills which has a book value of SAR 125.16 million based on the latest financial statements for the first quarter (Q1) of 2024, according to a bourse filing.

The offering and listing of shares on the main financial market require approval from the CMA, compliance with relevant regulations and laws, and completion of registration procedures.

In first quarter (Q1) of 2024, Nadec recorded a net profit of SAR 101.33 million, a surge from SAR 37.69 million in Q1-23.

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