Istedamah Holding sells 54% stake in MBC to PIF for SAR 7.5B

03/11/2024 Argaam
Logo ofMBC Group

Logo of MBC Group


MBC Group said it was notified by Istedamah Holding Co., one of its major shareholders, on the finalization of a binding share sale and purchase agreement (SPA) with the Public Investment Fund (PIF) on Nov. 1, according to a statement on Tadawul.

 

Under the agreement, Istedamah will sell its entire stake in MBC, amounting to 179.55 million shares, representing 54% of the company’s total capital, to the PIF through a negotiated deal. The selling shares will be worth SAR 7.46 billion, or SAR 41.60 per share.

 

For more news and details on M&As

 

The deal is subject to several conditions, including obtaining approvals and no-objection from the relevant entities.

 

The deal will be executed as a negotiated deal under the trading and membership procedures of the Saudi Exchange (Tadawul) on the transaction’s completion date.

 

Following the deal's completion, the PIF will own 54% of MBC’s total capital.

 

Any developments on the deal will be announced in due course.

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