MBC Group gets CMA nod to float 33.3 mln shares in IPO on TASI

The Capital Market Authority (CMA) approved an application from MBC Group to sell 33.25 million shares, representing 10% of its capital, in an initial public offering (IPO) on the Saudi Exchange (Tadawul).

The prospectus will be published ahead of the planned share sale, the market regulator said in a statement today, Nov. 21.

The approval is valid for six months from the CMA’s board resolution date. The approval will be deemed cancelled if the offering and listing of the company's shares are not completed within this period, it added.

The Saudi government owns a 60% stake in the broadcaster, while the rest is held by founder and Chairman Waleed Al Ibrahim.

MBC Group was established in London in 1991 as the first independent free-to-air pan-Arab channel, MBC1. In 2001, the group relocated its headquarters to Dubai Media City in the UAE. In September, MBC Group opened its new headquarters in Riyadh.

MBC Group has more than 20 TV and radio channels, such as MBC1, MBC2, MBC3, MBC4, MBC Masr, MBC Iraq, MBC Loud FM, etc.

The group also owns MBC Shahid platform.

Source : Argaam