‎“Bloomberg”: MBC plans to offer its shares in Saudi market

Bloomberg revealed that MBC is working with bankers JPMorgan and HSBC Holdings for an initial public offering in the Saudi market, “Tadawul” during the coming period.

The group’s inclusion could come within the next year, according to the people, who asked not to be identified because the information is not public.

According to the company’s available data, the group’s shareholder structure is distributed among the Saudi government, which owns a 60% stake in MBC, while the rest is owned by the founder and Chairman of the Board of Directors, Walid Al-Ibrahim.

Bloomberg said that the managers of the offering, with which the company agreed with JP Morgan and HSBC Holdings, declined to comment on the offering process.

According to the sources, the media group may add more banks to work on the offering at a later stage; the details of the offering, including the size of the subscription, valuation and timing, were not immediately clear, which are subject to change.

MBC was founded in London in 1991 and moved its headquarters to Dubai in the United Arab Emirates in 2002, and later to the Saudi capital, Riyadh.

The group that launched the first privately owned Arab satellite channel, now includes 20 TV channels and Shahid VIP video streaming service.