SAUDI ARABIA – First Milling Company, a market-leading milling firm in Saudi Arabia, has announced the establishment of a new subsidiary company called “First Food Supplies Company” with a commercial registration number 4030549803.
This entity is wholly owned by the company and aims to support its future business expansion and fulfil its strategic objectives.
According to the giant miller, First Food Supplies Company will have a capital of SAR 100,000 (approximately US$27,000), with First Milling Company holding a 100% stake, and it will be headquartered in Jeddah, Kingdom of Saudi Arabia.
The new company will specialise in various areas including the Manufacture of bakery products, products of grain mills, starches, starch, pasta, couscous, and similar starch products,
Additionally, it will engage in storage, freight & transport by road, Wholesale of agricultural raw materials and live animals, Wholesale of food, and beverages, Retail sale of food in specialized stores, Wholesale of agricultural raw materials, packaging and covering activities.
The financial effect of the new entity is anticipated to contribute positively to the First Milling Company’s results and course of business, which will appear in the year 2025 following the commencement of its commercial operation.
The milestone comes after First Milling Company, recently, announced its intention to proceed with an initial public offering (IPO) of 16.65 million shares representing 30% of its share capital on the Saudi Exchange.
According to Gulf News, the offering would begin on May 18 and end on June 7, with a listing to be determined at a later date, according to information on the company’s website.
This would be followed by the listing of its ordinary shares on the Main Market of the Saudi Exchange (Tadawul).
The company is one of the market leaders in the flour and compound feed market, with a wheat milling capacity of 4,200 tons daily and a feed mixing capacity of 900 tons per day. It operates four large-capacity production facilities in the Kingdom.
The company has a market share of 33.8% and distributes its product across the kingdom, with a prominent presence in four key regions: Makkah, Al-Qassim, Tabuk, and the Eastern Region.
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