Layla Al-Khalifa

Breaking: MBC Group Sells Majority Stake for SR7.4 Billion to Public Investment Fund

MBC Group Announces Major Share Sale to PIF

RIYADH — In a groundbreaking move, MBC Group has revealed that Istedamah Holding Company, a key shareholder, has officially sealed a deal with the Public Investment Fund (PIF) through a binding share sale and purchase agreement (SPA).

With this agreement, Istedamah will offload its entire 54% stake in MBC Group, amounting to a staggering 179,550,000 shares, to PIF in a private transaction valued at an impressive SR7.469 billion, translating to SR41.60 per share.

However, the completion of this monumental transaction is contingent upon various conditions, including the requisite regulatory approvals. Once all the necessary boxes are checked, the deal will proceed as a negotiated transaction in accordance with the Saudi Exchange’s (Tadawul) Trading and Membership Procedures.

Once the dust settles, PIF will emerge as the majority stakeholder with a commanding 54% ownership of MBC Group. — SG