RIYADH: For SR7.46 billion ($1.99 billion), Saudi Arabia’s sovereign wealth fund is expected to purchase a 54% share in the media behemoth MBC Group.
MBC Group, which is listed on the Kingdom’s main market, stated in a bourse filing that on November 1, one of its major shareholders, Istedamah Holding Co., informed it that a sale and purchase deal with the Public Investment Fund had been finalised. The deal states that Istedamah will sell PIF its whole ownership in MBC in a private transaction. The sale will be for 179.55 million shares, or 54% of the company’s total capital.
The wealth fund supports a number of well-known media, technology, and telecom companies, including Saudi Telecom Co., Saudi Information Technology Co., Saudi Co. for Artificial Intelligence, and Elm Co.
According to MBC Group, “the completion of the transaction is subject to a number of conditions, including obtaining the necessary approvals and non-objections that might be required from the relevant entities.” It further stated that at the conclusion of the transaction, it would be carried out as a negotiated agreement in compliance with the Saudi Exchange’s trading and membership processes.
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