First Mills shareholders reject ownership change bylaw

First Milling Co. (First Mills) shareholders voted down a proposal to amend the company’s bylaws with a provision that would have restricted changes in share ownership. The vote took place at the Saudi flour miller’s general assembly, the company said.

The rejected amendment would have introduced limits on how shares could be transferred or acquired, though the company did not disclose the specific terms. Under Saudi corporate governance rules, such bylaw changes require a shareholder vote.

First Mills was formed following the privatization of the kingdom’s state-controlled grain-milling sector. The company operates several flour mills and listed on the Saudi Stock Exchange in 2022 as part of a broader wave of state-asset sales.

The outcome leaves First Mills’ existing ownership rules intact. The board has not indicated whether it plans to bring a revised proposal to a future shareholder meeting.