Modern Mills signs SAR 21.4M corn purchase agreement with related party

09:04 AM (Mecca time) Argaam
Modern Mills expects a positive impact from the deal during 2026

Modern Mills expects a positive impact from the deal during 2026

Modern Mills for Food Products Co. signed an agreement to purchase corn for production and manufacturing purposes with Al Ghurair Advanced Trading Co., a related party, for SAR 21.38 million.

 

According to a statement to Tadawul, the contract is expected to have a positive impact on its financial statements during 2026, noting that the agreement’s duration is two months.

 

Modern Mills pointed out that its Vice Chairman, John Gregoriou Iossifidis, is a related party.

 

Iossifidis is also the CEO of Al Ghurair Group, which fully owns Al Ghurair International Resources Co., the owner of 100% of Al Ghurair Trading.

 

The company confirmed that the agreement was concluded in the ordinary course of business and does not include any preferential benefits.

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