Saudi Arabia’s PIF acquires 54 per cent stake in MBC Group

Dubai: Saudi Arabia’s Public Investment Fund (PIF) reaches an agreement to acquire a 54 per cent stake in MBC Group for $2 billion (Dh7.3 billion).

The fund will purchase the entire stake of Istedamah Holding Company through a private transaction, with a share price set at $11.08 (Dh40.7), according to a statement from MBC Group to the Saudi stock exchange.

This transaction is contingent upon meeting several conditions, including obtaining necessary approvals and non-objections from relevant authorities.

The deal will be carried out in accordance with the trading and membership procedures of the Saudi Exchange (Tadawul).

In March, MBC Group, via its subsidiary MBC Ventures, acquired four million ordinary shares of the Nasdaq-listed Anghami.MBC operates 13 free-to-air television channels and the streaming platform Shahid, reaching 150 million viewers each week.

In January, the Saudi group’s initial public offering of a 10 per cent stake was oversubscribed, attracting 17.6 times the investment from retail investors and raising $388 million (Dh1.4 billion).