Abdullah Al Othaim in consortium awarded $229mln contract

The three firms will set up a holding company at equal equity ownership

  
Image used for illustrative purpose. Foreign workers wearing protective face masks and gloves work at a construction site, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, May 7, 2020.

Image used for illustrative purpose. Foreign workers wearing protective face masks and gloves work at a construction site, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, May 7, 2020.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: Abdullah Al Othaim Markets Company, Allana International, and United Feed Manufacturing Company have been jointly awarded a contract worth SAR 859 million to acquire the Fourth Milling Company.

The three firms will set up a holding company at equal equity ownership, according to a disclosure to Tadawul on Wednesday.

The acquisition transaction will be self-financed from the consortium members, in addition to borrowing from local banks under the name of the holding company that will be incorporated.

Earlier this week, Abdullah Al Othaim said it would bid for acquiring a milling company that was offered for privatisation by the Saudi Grains Organization in a public competition.

Source: Mubasher

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