Global law firm Ashurst has advised on the SAR 2 billion (USD 540 million) Shariah compliant financing provided by Alinma Bank to AlRaha AlSafi Food Company for the acquisition of the First Milling Company (MC1).
AlRaha AlSafi Food Company is owned by Almutlaq Group, AlSafi Holding Co., Abunayyan Trading Co. and Essa Al-Ghurair Investment LLC.
The sale of MC1 to the private sector was part of round one of the privatization of the flour milling business by Saudi Arabian Grains Organisation (SAGO) with support from The National Center for Privatization and PPP (NCP).
The cross-office Ashurst team was led by project finance partner Bilal Rana (Riyadh), with Albert Kromm (Dubai), Iman Linjawi (Riyadh) and Yasmeen Qassab (Riyadh) supporting on the financing aspects, and Matt Hartsuyker (Dubai), Suzanne Farrell (Dubai) and Rushal Noor (Dubai) assisting on the corporate and project workstreams respectively.
Commenting, Bilal Rana said:
"We are delighted to have supported the Sponsors and Alinma Bank on the financing of this 'first-in-kind' acquisition/privatization in the flour milling sector. The successful close of this privatization demonstrates the market's confidence in the privatization programme of the Kingdom of Saudi Arabia being led by NCP in realization of the Kingdom's Vision 2030. We are honoured to have played a role in this."
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© Press Release 2021