Olam International has announced on May 6, that the consortium, comprising National Agricultural Development Company (NADEC), Al Rajhi International for Investment Company, Abdul Aziz Al Ajlan Sons Co. for Commercial and Real Estate Investment and, has been awarded the bid to acquire one of the two flour milling companies offered for privatisation by the National Centre for Privatization (NCP) and the Saudi Grains Organisation (SAGO) following the consortium’s joint bid.
Olam says it intends to participate as a technical partner with a minority stake in the transaction.
Negotiations between the partners in the consortium are expected to be completed within six months.
Shares in Olam closed 1 cent higher or 0.6% up at $1.70 on May 6.
