(Bloomberg) -- Saudi Arabia’s Fourth Milling Co. has picked Riyad Capital to work on its domestic initial public offering, according to people familiar with the matter. 

The share sale could happen as soon as in the first half of this year, one of the people said, asking not to be identified because the information isn’t public. The firm had already hired Himmah Capital to advise on the offering, which could raise more than $200 million, Bloomberg reported in October.

Details of the share sale, including its size and timing, are still preliminary and may change, the people added.

Representatives for Fourth Milling Co. and Riyad Capital couldn’t be reached for comment. 

In recent years, Saudi Arabia split the government-controlled flour milling industry into four companies and sold them to the private sector. Fourth Milling was sold to a group including Allana International, Abdullah Al Othaim Markets, and United Feed Manufacturing Co. for 859 million riyals ($229 million) in 2021.

Abdullah Al Othaim Markets said earlier this month that Fourth Milling had named a financial adviser for its IPO, without naming the institution.

The milling companies are in varying stages of listing. First Milling Co. was the first to go public in May in a $266 million IPO. Modern Mills for Food Products Co., previously known as Milling Co. 3, received approval from the Saudi market regulator on Dec. 31. to list a 30% stake on the bourse. 

The firm has added Emirates NBD Capital to the banks already working on its IPO which could come as soon as the first quarter of this year, according to people familiar with the matter. 

A representative for ENBD declined to comment. 

The kingdom’s efforts to privatize some industries are part of its ambitious Vision 2030 plan to wean the economy off its dependence on oil sales. As part of that, the sovereign wealth fund has raised billions selling stakes in companies to fund the transition.

--With assistance from Fahad Abuljadayel.

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