Saudi Exchange celebrates the listing of Modern Mills for Food Products Company on the Main Market

Riyadh, 27 March 2024: The Saudi Exchange today celebrated the listing of Modern Mills for Food Products Company, one of the most prominent nutrition companies in the Kingdom of Saudi Arabia, on the Main Market. The listing ceremony was attended by Mr. Nasser Alajaji , Chief of Listing and Mr. Osama Ashi, CEO of Modern Mills for Food Products Company.

Based in Jeddah, Saudi Arabia, Modern Mills for Food Products Company is a leading milling and nutrition company and a key contributor to the food security ambitions of Saudi Arabia. Modern Mills Company has an established market position across three product categories: flour, animal feed and animal bran.

Mr. Nasser Alajaji , Chief of Listing at the Saudi Exchange, said: "At the Saudi Exchange, we remain committed to expanding our market, attracting innovative companies across various industries, which is reflected in the growing number of companies choosing to list. The food and nutrition sector is one of the most important sectors, and today we welcome Modern Mills for Food Products as they join the Main Market. This is a significant milestone in the growth of their company and we would like to congratulate the team and look forward to witnessing Modern Mills for Food Products’ continued success.”

Osama Ashi CEO of Modern Mills for Food Products Company, said: " Established in 2016, MMC draws on an inherited legacy of five decades, contributing to KSA’s food security through resilient, growth-oriented operations and an unwavering commitment to excellence. Today marks a pivotal milestone in our journey as we debut on the Main Market of the Saudi Exchange, a testament to the incredible success of our IPO and the solid demand from institutional and retail investors alike. As we begin life as a listed company, we are excited about the opportunities ahead and remain committed to unlocking further growth, providing best-in-class products to our customers and delivering value to our shareholders.”

Modern Mills offered 2,454,960 shares at the offering price of SAR 48 per share.

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