Tuesday, September 29, 2020

Saudi Arabia starts final phase of its mills privatisation – Reuters

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DUBAI (Reuters) – Saudi Arabia’s state grain customer SAGO reported on Sunday the next and final stage of the bidding approach for its mills experienced began.

The kingdom is marketing its entire flour milling company, in a prolonged-awaited privatisation that marks one of the very first sales of the country’s state-owned belongings. The profits are section of broader designs to overhaul the economic climate.

The first element of the milling sector privatisation was accomplished in July with the sale of two milling corporations to Saudi and Gulf buyers.

With Sunday’s announcement, the sale of the two remaining milling firms is now underway.

The ask for for proposals was shared with the competent bidders on Sunday, a joint statement by SAGO and the National Centre for Privatization claimed.

The skilled bidders will carry out the required owing diligence and post their bids. The qualification stage will conclusion a thirty day period prior to submission of economical bids.

The grain mills on sale all occur under the kingdom’s monopoly condition grain purchaser SAGO, 1 of the world’s most significant wheat and barley importers.

SAGO informed Reuters in July that providers that invest in its flour mills will be in a position to import wheat immediately from global marketplaces in a more liberalisation of the country’s grains sector.

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