Saudi Arabian media large MBC Group has introduced its intention to drift a ten% stake in an Initial Public Offering (IPO) on the Saudi Exchange, often called Tadawul, within the coming months.
The announcement follows a choice on Tuesday by Saudi Arabia’s Capital Market Authority to permit MBC to drift 33.25 million shares, which is equal to 10% of the corporate’s share capital. The approval is legitimate for six months.
Founded 30 years in the past, the MBC Group operated for a few years out of the United Arab Emirates however formally moved its headquarters to Riyadh in 2022 within the wake of Saudi Arabia’s opening up underneath its 2030 Vision plan, aimed toward transferring the financial system away from a reliance on oil.
MBC Group Chairman Waleed Al Ibrahim stated the funds raised by the IPO could be invested in additional increasing the corporate, with a deal with its streaming platform Shahid, and lengthening its attain past 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 stated. “Through the IPO, we goal to additional develop our market place and viewers attain, proceed investing in our in style streaming platform, Shahid, and increase into promising leisure 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 present possession construction, state-owned Al Istedamah Holding has a 60% in MBC Group and Al Ibrahim owns the remaining 40%.
MBC Group CEO Sam Barnett stated the IPO marked the subsequent step within the MBC Group’s growth.
“This IPO is a testament to our ambition to create a leading media group that enriches lives through content, interaction and entertainment,” he stated.
“Looking ahead, we anticipate enlargement by content material diversification, new subscription fashions, focused promoting and expanded geographic presence. We are additionally excited by development in new areas resembling gaming and occasions.“
Alongside Shahid, MBC broadcasts 13 free-to-air TV channels throughout MENA, and, based on it personal figures, garners some 150 million viewers per week throughout the area.
Discussion about this post