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M&A WATCH-
First Milling Company (First Mills) sealed a final agreement to fully acquire Makkah-based animal feed producer Manar Feed Company, it said in a press release (pdf) yesterday. The move will add at least 420 tons to First Mills’ daily feed production capacity, raising its total output to 1.3k tons per day, and help meet rising demand in local and regional markets. No financial details were disclosed.
ICYMI- We sat down with First Mills’ CFO Alaaeldin Shousha back in March for a chat about the company’s challenges, successes, and future goals, which include earmarking around SAR 210 mn for expansion over the next two years. The company is building a SAR 123 mn flour milling unit at its Al Qassim plant, which is expected to wrap up by 2Q 2026. The new unit will boost the plant’s wheat milling capacity by 66%, or 600 tons a day, to 1.5k tons a day.
The National Building and Marketing Company exited the Nomw Al Ahsa Real Estate Fund through an in-kind transfer valued at about SAR 138.2 mn, it said in a disclosure to Tadawul yesterday. The move comes after the company raised its stake in the SAR 130 mn fund to around SAR 125 mn in 2023 — equivalent to a 96.1% stake.
AVIATION-
Red Sea International Airport began a phased operational launch, now receiving both domestic and international flights, according to a press release. Domestic flights were shifted to the new Main Terminal Building, while international flights and seaplanes continue to operate from the Air Taxi Terminal.
IN CONTEXT- Operated by daa International and developed by Red Sea Global, the airport is part of the Red Sea megaproject. The main terminal is set for full operation by the end of 2025, targeting a capacity of 1 mn passengers annually by 2030.
DEBT WATCH-
Professional Medical Expertise (ProMedEx) lined up a SAR 45 mn shariah-compliant loan with Saudi Awwal Bank to finance its ongoing projects, it said in a disclosure to Tadawul yesterday. The one-year facility features a SAR 40 mn import finance facility and SAR 5 mn in standby letters of credit. The funding is backed by a promissory note and corporate backing from Al Omran Holding Company, both valued at SAR 45 mn.
REFRESHER- ProMedEx signed a SAR 74.5 mn, one-year shariah-compliant loan agreement with Riyad Bank last October to fund existing projects and expansion plans.
