January 17, 2018 / 9:23 AM / a year ago

Sale process for Saudi Arabia's mills to be disclosed in Q2-adviser

DUBAI, Jan 17 (Reuters) - The sale process for Saudi Arabia’s flour milling sector will be announced during the second quarter of 2018, HSBC Saudi Arabia, which is advising on the process, said on Wednesday.

The details will include the timetable for qualifying potential investors and launching the sale process after obtaining the necessary regulatory approvals from the relevant authorities, HSBC Saudi Arabia said in the statement.

The sale is one of the first privatisations the kingdom is embarking upon as part of the reform of its economy.

Reuters had reported in November, citing sources, that an unwieldy sale process and onerous ownership rules are discouraging some potential investors from bidding for Saudi Arabia’s state-owned grain mills. (Reporting By Tom Arnold and Maha El Dahan; Editing by Saeed Azhar)

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