First Mills acquires Al Manar Feed for SAR 77M

One of the first mills production lines

First Milling Co. (First Mills) completed the acquisition of a 100% stake in Al Manar Feed Co. Ltd. in Jeddah for SAR 77 million.

The deal covers the transfer of ownership of the factory along with all assets, rights, and licenses of the acquired company, First Mills said in a statement to Tadawul.

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The acquisition will be financed through Shariah-compliant bank facilities, available cash and other financing programs. All required regulatory approvals have been obtained, along with other commercial and regulatory conditions, it added.

First Mills expects the deal’s financial impact to appear as of Q3 2025 upon consolidation of financial statements. It confirmed that there are no related parties to the deal.

The transfer of ownership and completion of official documentation is expected by March 30, 2026.

Al Manar Feed’s operations focus on feed production, with its plant located in the Third Industrial City in Jeddah (MODON). The acquisition aligns with First Mills’ strategy to boost production capacity in the feed segment, adding 450 tons of daily output to reach a total of 1,350 tons per day.

First Mills said the deal aims to introduce new products to meet growing demand in both local and regional markets, expand geographical reach, diversify income sources, and further develop its product portfolio to enhance shareholder value.

The company’s board earlier approved the purchase, subject to conditions including meeting hourly production efficiency targets, passing dynamic and static factory operation tests for feed quality and quantity, and satisfactory due diligence results consistent with the strategic goals of the deal.

All requirements and verification tests have now been completed, paving the way for the final signing, First Mills added.