MBC Group has announced that it will list 10 per cent its shares on the Saudi Exchange.
A total of 33,250,000 shares will be available through an IPO (Initial Public Offering), after which they will be listed on Tadawul, the Saudi Exchange.
According to the Saudi-based media group, acquisition of the shares will allow investors the opportunity to participate in the long-term growth plans of the company.
MBC’s plan to list its shares was approved by the kingdom’s Capital Market Authority (CMA) earlier on Tuesday.
The authority did not specify an expected date for the IPO, but the approval is valid for only six months, according to Reuters.
The price for the initial shares offering also remains to be determined.
The group’s move to list its shares aims to fund its streaming platform Shahid’s content expenditure and investment in new initiatives, alongside other financial reasons.
Waleed bin Ibrahim Al Ibrahim, chairman, of MBC GROUP, 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 realising Vision 2030 by supporting the growth and development of the media and entertainment sector.”
Noting the group’s plans for future after listing, Sam Barnett, CEO of MBC Group, said, “Looking forward, we anticipate expansion through content diversification, new subscription models, targeted advertising, and expanded geographic presence.
Barnett also indicated the group’s potential move into new segments, “We are also excited by the growth in new areas such as gaming and events.”