LONDON: Saudi Arabia’s Capital Market Authority approved on Tuesday a request from MBC Group to sell 10 percent of its capital, or 33.25 million shares, in an initial public offering on the Saudi Exchange Tadawul.
The listing for the Mideast pan-regional broadcaster and streamer will be published ahead of the planned sale, according to a CMA press statement.
This approval will be valid for six months from the market regulator’s resolution date and will be considered canceled if MBC Group does not complete its offering and listing within this period.
Saudi Arabia’s government owns 60 percent of the broadcaster, while Waleed Al-Ibrahim, the founder and chairman, owns the remaining stake.
