DUBAI: MBC Group is reportedly working with HSBC Holdings and JPMorgan Chase & Co. on an initial public offering in Riyadh.
Bloomberg reported that the listing of MBC Group could come as soon as next year, citing sources familiar with the plans who asked not to be identified because the information had not yet been made public.
They said additional banks could be added to the plans but specific details, such as the size of the IPO, the valuation and the timing, are not yet clear.
Representatives of MBC Group, which describes itself as the biggest broadcaster in the Middle East, declined to comment on the report.
MBC was founded in London in 1991. It moved its headquarters to Dubai in 2002 and then to Riyadh in September this year. The company’s move to Saudi Arabia, its “homeland,” was described as a long-held dream by its chairman, Waleed Al-Ibrahim.
“We have carried this dream with us since the first launch in 1991, even though we thought it was a dream far away from coming true,” he said.
