TASI gets first listing of 2024 as MBC Group debuts

Logo of MBC Holding Group Ltd.

MBC Holding Group Ltd. will start trading on Tadawul today, Jan. 8, under the symbol 4072 and ISIN code SA15U0CHVK19 as the first listing in Saudi equity market in 2024.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively, during the first three days. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10%, while the static price fluctuation limits will no longer apply.

Last year, seven companies listed on Tadawul, namely, Al Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), Morabaha Marina Financing Co. (MRNA), First Milling Co., Lumi Rental Co., ADES Holding Co. and SAL Saudi Logistics Services Co., besides the listing of Alinma Hospitality REIT Fund.

The company earlier floated 33.25 million shares, or 10% of its capital, at SAR 25 per share. It allocated 90% of these shares to institutional investors, while the remaining 10% was allotted to retail investors, Argaam earlier reported.

MBC Group’s retail offering was 17.6x covered, while the coverage of institutional IPO was about 66x of the total.

The number of retail subscribers was 359,500 with a total value of orders at SAR 1.46 billion.

Nine shares were allocated per individual subscriber, and the remaining shares were distributed pro rata, with an allocation factor of 0.1623%.

Company Profile   

MBC was incepted in London in 1991 as an independent general entertainment channel (MBC1). It then relocated to Dubai Media City, UAE, in 2001, and opened its new headquarters in Riyadh in September 2022.

MBC Group runs a group of TV and radio channels such as MBC1 and includes "Shahid" video streaming platform.

The group’s main activities are divided into four main sectors: Free TV and radio broadcasting and supporting activities such as social media; managing and operating the live media “Shahid” platform; production of series and films; and other businesses include interactive games, events, music and talent management.

The group has dominated the lion’s share of 40% of the TV audience for 10 years, more than double the competitors’ share.

The group is 60% owned by Istedamah Holding Co. (IHC), while Chairman Walid Al-Ibrahim holds the remaining 40%.

MBC owns a network of 13 free TV channels and is the top broadcasting company in Saudi Arabia and Egypt.

Subsidiaries  

The company directly and indirectly owns 35 subsidiaries, including seven material subsidiaries and 28 non-material subsidiaries in Saudi Arabia, the UAE, Lebanon, Jordan, Egypt, Cyprus, Turkey, the British Virgin Islands, the Cayman Islands and Hungary.