MBC Group Announces Plans To Float 10% Stake On Saudi Stock Exchange

deadline.com:

Saudi Arabian media giant MBC Group has announced its intention to float a 10% stake in an Initial Public Offering (IPO) on the Saudi Exchange, known as Tadawul, in the coming months.

The announcement follows a decision on Tuesday by Saudi Arabia’s Capital Market Authority to allow MBC to float 33.25 million shares, which is equivalent to 10% of the company’s share capital.

The approval is valid for six months. Founded 30 years ago, the MBC Group operated for many years out of the United Arab Emirates but officially moved its headquarters to Riyadh in 2022 in the wake of Saudi Arabia’s opening up under its 2030 Vision plan, aimed at moving the economy away from a reliance on oil.

MBC Group Chairman Waleed Al Ibrahim said the funds raised by the IPO would be invested in further expanding the company, with a focus on its streaming platform Shahid, and extending its reach beyond the Middle East and North Africa (MENA). “With over 30 years of continuous growth owed to our significant investment in media, quality content generation and entertainment, we are prepared for our next phase of growth,” Al Ibrahim said. “Through the IPO, we aim to further grow our market position and audience reach, continue investing in our popular streaming platform, Shahid, and expand into promising entertainment verticals. “While our heart remains entrenched in Arab culture, this is in line with our ambitions to continue evolving as a global media and entertainment powerhouse, while further deepening our commitment to realizing Vision 2030 by supporting the growth and development of the media and entertainment sector.” Under the current ownership structure, state-owned Al Istedamah Holding has a 60% in MBC Group and Al Ibrahim owns the