NADEC Completes Acquisition of Second Milling, All Assets Transferred to Food Security Holding

The National Agricultural Development Company (NADEC) to announced on Wednesday the completion of the acquisition of Second Milling Company in Riyadh, Kingdom of Saudi Arabia (the “Flour Mill”) with Olam International Group, Al Rajhi International Investment Company Ajlan & Bros Company (“Consortium Members”) by transferring all assets of the Second Milling Company (the “Flour Mill”) to the Food Security Holding Company, a limited liability company (the “Company”).

This comes with reference to the announcement of the National Agricultural Development Company (NADEC) dated 07/13/2021 regarding the latest developments regarding the recent developments relating to the final agreements regarding the acquisition of the Second Milling Company in Riyadh, Kingdom of Saudi Arabia (the “Flour Mill”) with OLAM International Limited, Al Rajhi International for Investment Company and Ajlan & Bros Company (with NADEC, the “Consortium Members”).

The National Agricultural Development Company (NADEC) owns a 10% minority stake with liability in an agreement governing NADEC’s purchase of specific products from the Second Milling Company and an agreement through which NADEC provides management, marketing and support services to the Second Milling Company.