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Abdullah Al Othaim joins consortium to acquire firm

Abdullah Al Othaim joins consortium to acquire firm
The targeted firm is offered for privatisation by the Saudi Grains Organization
A.OTHAIM MARKET
4001
-3.96% 131.00 -5.40

Riyadh – Mubasher: Abdullah Al Othaim Markets Company is entering into a consortium with Allana International Company and United Feed Manufacturing Company to jointly bid to acquire a milling company.

The targeted firm is offered for privatisation by the Saudi Grains Organization in a public competition that includes the Second Milling Company and the Fourth Milling Company, according to a disclosure to Tadawul on Monday.

Abdullah Al Othaim said the acquisition transaction will be self-financed from the consortium members. This will be in addition to borrowing from local banks.

The listed firm aims at integration and investment diversification through this acquisition, while maintaining its contribution to achieving food security.

Last month, Abdullah Al Othaim announced the distribution of SAR 270 million worth of cash dividends to shareholders for the second half (H2) of 2020.