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Saudi Arabia completes mills privatization in line with Vision 2030

Saudi Grains Organization (SAGO) said on Tuesday it had sold 100 percent stakes in the Second Milling Company and the Fourth Milling Company, completing a previously announced privatization.

The Second Milling Company was sold for 2.13 billion riyals ($568 million) to Abdulaziz Al-Ajlan Sons Company for Commercial and Real Estate Investment, Al-Rajhi International Investment Company, Nadec and Olam International Company, a statement said.

The Fourth Milling Company was sold for 859 million riyals Alana International Alliance, Abdullah Al-Othaim Markets Company and United Feed Industry Company.

The kingdom sold its flour milling business under the country’s Vision 2030 aimed at weaning the economy off oil.

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