RIYADH - Saudi Arabia's Capital Market Authority has given the green light for the initial public offering (IPO) of MBC Group, a leading media company in the region. The approval, announced today, allows MBC Group to offer a 10% stake to the public. This move comes after the Saudi government took majority ownership of the company following an anti-corruption crackdown at the Ritz Carlton in 2017. Waleed Al Ibrahim continues to hold a significant minority interest in the group.
Despite facing regional tensions and witnessing a sharp year-on-year decline in listings, with a 46% drop, the Saudi IPO market remains resilient. MBC Group, which has evolved from its origins in London to its current headquarters in Riyadh via Dubai, boasts an extensive network. It operates over seventeen television channels and also runs Shahid VIP, a premium streaming platform.
The authorization of MBC Group's IPO is a significant event for the Saudi stock market, indicating confidence in the media sector despite broader challenges in regional equity offerings. With its wide array of channels and digital offerings, MBC Group is positioned as a key player in the media landscape of the Middle East.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.