RIYADH: The National Agricultural Development Company, NADEC completed the acquisition of Second Milling Company in Riyadh.
NADEC was part of a consortium with Olam International Group, Al Rajhi International Investment Company Ajlan & Bros Company, according to a bourse filing,
All assets of the Second Milling Company were transferred to the Food Security Holding Company, a limited liability company, the company said in a statement on the Saudi Stock Exchange.
This comes as the Kingdom is accelerating plans to privatize key infrastructure.
NADEC owns a 10 percent minority stake with liability in an agreement governing its purchase of specific products from the Second Milling Company.
NADEC will also provide management, marketing and support services to the Second Milling Company.
