AlArabia Announces MBC Group Sells Partial Stake

Arabian Contracting Services Co. announced on Monday that MBC Group Co. (one of the major shareholders) has sold part of its stake in Arabian Contracting Services Co. “AlArabia Company.”

The sale includes 2,450,000 shares representing 4.9% of the capital of the “AlArabia Company” to a group of investors. The deal was concluded for an amount of 416.5 million riyals, through negotiated deals in accordance with the relevant regulatory procedures.

According to the Company, this decision comes as a strategic financial step taken by MBC Group to meet its financial obligations and strengthen its financial position, as stated in their Tadawul announcement and the MBC Group’s prospectus. The group will retain 15.1% of the shares of “AlArabia Company” as an investment in an associated company, while the remaining shares owned by MBC Group will be subject to a contractual lock-up period of 6 months starting from the transaction execution date.