RIYADH: MBC Holdings, a Saudi Arabian media conglomerate, has increased its shareholding in Arabian Contracting Services Co., known as Al Arabia, from 15 percent to 20 percent.
According to a bourse statement, MBC purchased the shares from Engineer Holding Group, marking a decline of its shares in Al Arabia from 65 percent to 50 percent.
The statement said that a share purchase agreement was signed between MBC Group and EHG on Sept. 15, and the transaction will be implemented as soon as all applicable procedures and requirements are satisfied.
“This transaction reflects the confidence of MBC Group Holdings Ltd. in the current performance of Al Arabia, and the strong positive prediction of its future growth,” said Al Arabia in the statement.
