First Mills acquires stake in Kenan Arabian Trading for SAR 48M

Logo of First Milling Co. (First Mills)

First Milling Co. (First Mills) signed, on Sept. 15, a binding agreement to acquire 60% of Kenan Arabian Trading Co. for SAR 48 million, according to a Tadawul statement.

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Kenan Arabian, a single-person limited liability company registered in Saudi Arabia, is engaged in the trading and distribution of feed products.

The transaction includes the transfer of ownership in accordance with the terms and conditions stipulated in the agreement, subject to obtaining the necessary regulatory approvals and fulfilling the customary conditions required to complete such transactions.

Completion of the transaction remains conditional upon obtaining the necessary regulatory approvals and fulfilling all conditions stipulated in the agreement.

The financial impact of the acquisition will be announced upon completion of the transaction.

The company confirms that there are no related parties to the transaction.

It noted that the deal is aligned with its growth strategy and aims to expand its activities in the feed sector, diversify its sources of income, and strengthen its market position within the Kingdom and beyond.