Top Middle East Broadcaster MBC Floats 10% Stake on Saudi Stock Market Seeking $222 Million
variety.comNick Vivarelli International Correspondent Saudi-owned MBC Group, the Middle East’s top broadcaster, has announced it is floating a 10% stake on the Riyadh stock exchange seeking to raise up to 831 million riyals ($222 million) in a move to boost growth and help fuel its output of high-end productions. “Institutional and retail investors will be allowed the opportunity to acquire shares and participate in the long-term growth plans of the company and the Saudi media market,” MBC Group said in a statement on Thursday.
HSBC Saudi Arabia is the lead manager of the IPO that will run Nov. 30-Dec. 6 in tandem with JP Morgan Saudi Arabia and SNB Capital, as financial advisors.
MBC, which was launched in London in 1991, subsequently moved its headquarters to Dubai in 2002 at a time when for religion-related reasons Saudi Arabia had banned moviegoing, and entertainment in general was frowned upon by the country’s conservative leadership.
Then, in December 2017, Saudi lifted its cinema ban and has since made the media and creative industries an important pillar of its plan to diversify its economy.
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