First Milling Co. — Capital/Financing Update 2024

Dec 24, 2024

First Milling Co. Announces The Construction of a New Flour Milling Unit (Mill C) in its plant in Al-Qassim

2283 · 24/12/2024 08:47:22 · Announcement #84324 · View on Saudi Exchange

First Milling Co. Announces The Construction of a New Flour Milling Unit (Mill C) in its plant in Al-Qassim

Element List

Explanation

Introduction

First Milling Company is pleased to announce that its Board of Directors has approved the construction of a new Flour Milling Unit (Mill C) at its Al Qassim Plant with reference to the previous announcement made. This strategic expansion will increase the Company's production capacity, enabling it to meet growing demand, expand into promising new geographical regions, and attract new customers by delivering high-quality products. The new (Mill C) at Al Qassim Plant will add a wheat milling capacity of 600 tons/day, representing a 66% increase, bringing the plant's total capacity to 1,500 tons/day.

Furthermore, First Mills has secured approval from the General Food Security Authority (GFSA) for this capacity expansion. Date of Board Resolution in Regard to the Project 2024-12-23 Corresponding to 1446-06-22 Project Start Date The project is expected to commence in the first quarter of 2025G after obtaining all necessary regulatory approvals Project Cost The total approximate cost of the project is estimated to be 123 million Saudi Riyals Financing method for the project The project will be financed through Sharia-compliant bank facilities, cash available at the Company, and other financing programs (Including the surplus resulting of the modernization of Mill B at the company’s plant in Jeddah). Expected completion date of the project The construction of the project is expected to be completed by the Second quarter of 2026G Expected Financial Impact of the Project on the Company’s Results The project is anticipated to impact the Company’s financial results in the year 2026G The Start of the Expected Impact of the Project on the Company’s Results The financial impact of the project is expected to begin in the third quarter of 2026G Expected Date for the Pilot Production of the Project to Begin The pilot production of the project is expected to begin in the Second quarter of 2026G Duration of the pilot production of the project The pilot production phase of the project will last approximately 60 Days. Expected date for the commercial production of the project Commercial production of the project is expected to commence by the end of the Second quarter of 2026G Executing Party/Counter Party in the Project/Contract Buhler AG – One of the leading manufacturers of milling equipment with its head office in Switzerland Related Parties There are no related parties involved Additional Information This expansion reflects the Company’s strategic initiatives to enhance production capacity and reinforce its market leadership. The additional capacity will enable the Company to meet increasing demand, expand into new geographical regions, attract new customers, and deliver greater value to shareholders. For more information, please contact the First Mills Investors Relations Department at the email: IR@firstmills.com

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.