Saudi PIF to decide stake sale percentage in SAGO mills’ IPO

The state-owned Public Investment Fund (PIF) will decide the percentage of stake to be floated in the proposed initial public offering (IPO) of Saudi Grains Organization’s four mills companies, Al Eqtisadiah newspaper reported citing Ahmad Al Fares, the organization’s director general.

PIF has put forward some options regarding the sale of stake of these companies, which include selling the full stakes or retaining a certain share in them.

The four companies have a total capital of SAR 2 million at SAR 500,000 each, the newspaper added.

The move to privatize SAGO began with the Saudi cabinet’s decision to establish four joint-stock companies that will operate its flour mills, Argaam earlier reported. The privatization was to be monitored by PIF in coordination with SAGO.

SAGO owns and operates 12 flour mills and five animal feed production facilities within the kingdom.