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

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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.

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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.