Intention to list First Milling Company on the main market of the Saudi Exchange

Intention to list First Milling Company on the main market of the Saudi Exchange

Jeddah, the Kingdom of Saudi Arabia: First Milling Company (the “Company”, or “First Mills”), a market-leading milling company in the Kingdom of Saudi Arabia (the “Kingdom” or “Saudi Arabia”), announces its intention to proceed with an initial public offering (the “IPO” or the “Offering”) and listing of its ordinary shares (“Shares”) on the Main Market of the Saudi Exchange (“Tadawul”). The Offering is expected to comprise a sale of existing Shares and result in a free float of 30 percent. Tadawul approved the Company’s application for the listing of the Shares on the Main Market on 14 February 2023G and the Capital Market Authority (“CMA”) approved the Company’s application for the initial public offering of 16,650,000 ordinary shares (representing 30% of the Company’s share capital) on 27 March 2023G. The final price at which all subscribers in the Offering will purchase Shares will be determined at the end of a book-building period.

Business Highlights

First Mills is a market-leading Saudi milling company engaged in the production of high-quality flour products, and wheat byproducts, such as animal feed, bran, and wheat germ. In addition to its B2B products, the Company has a premium flour brand, Aloula, which is marketed in retail outlets across