A consortium of The National Agricultural Development Company (SASE:6010), Olam International Limited (SGX:O32), Al Rajhi International For Investment and Abdulaziz Alajlan & Sons Company for Commercial and Real Estate Investment SA won an auction to acquire Second Milling Company from Saudi Grains Organisation for SAR 2.1 billion on April 20, 2021. In a related transaction, Allana International, Abdullah Al Othaim Markets, and United Feed Manufacturing Company won the auction of Fourth Milling Company for SAR 859 million. The acquisition transaction is intended to be financed through a combination of self-financing by the Consortium Members and borrowing from local banks. HSBC Saudi Arabia acted as sole financial advisor on the privatization. A consortium of The National Agricultural Development Company, Olam International Limited, Al Rajhi International For Investment and Abdulaziz Alajlan & Sons Company for Commercial and Real Estate Investment SA agreed to acquire Second Milling Company from Saudi Grains Organisation on July 13, 2021. Latham & Watkins LLP cated as legal advisor to Saudi Grains Organisation. Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance LLP acted as legal advisor to the consortium of Abdul Aziz Al-Ajlan Sons for Commercial and Real Estate Investments Company, Sulaiman Abdul Aziz Al-Rajhi International Company, National Agricultural Development Company and Olam International Limited

A consortium of The National Agricultural Development Company (SASE:6010), Olam International Limited (SGX:O32), Al Rajhi International For Investment and Abdulaziz Alajlan & Sons Company for Commercial and Real Estate Investment SA completed the acquisition of Second Milling Company from Saudi Grains Organisation on December 1, 2021. As a member of the Consortium, Olam will participate as the technical partner with a minority stake of 10% in Second Milling Company for SAR 49.5 million and the remaining 90% owned by the other members of the Consortium. Olam will have responsibility for managing plants and operations. With the completion of the acquisition, the JVCo owns manufacturing plants in three locations – Riyadh, Hail and Jazan.