MBC Holding raises ownership in Arabian Contracting to 20%, ownership percentage of Engineer Holding drops to 50%

Arabian Contracting Services Company announced on Sunday that MBC Group Holdings Ltd. (one of the substantial shareholders) has exercised its purchase option to 15% of al arabia shares owned by Engineer Holding Group (on of the substantial shareholder).
This will increase MBC Group Holdings Ltd. ownership percentage in AL ARABIA shares to 20% and the ownership percentage of Engineer Holding Group to be 50% instead of 65% of AL ARABIA shares.
A share purchase agreement was signed between MBC Group Holdings Ltd. and Engineer Holding Group on 15 September 2022 in connection with the transfer of the shares subject of the sale and the transaction as soon as all applicable procedures and requirements have been satisfied.
As mentioned in Arabian Contracting Services co. the prospectus, the purchase option is exercisable from the date of 1/1/2021 and effective for 3 years, and MBC Group Holdings Ltd. may exercise the purchase option one time only.
This transaction reflects the confidence of MBC Group Holdings Ltd. in the current performance of al arabia and the strong positive prediction of its future growth.
The ownership percentage of the substantial shareholders will be changed on the company’s page on the Tadawul website once the transaction is completed.