Mufeed Signs SAR 7.6 Million Contract with Imam University Endowments to Lease Media Studios

Mufeed Co. announced on Thursday the signing of a lease contract with Imam University Endowments Co., with the aim of investing and operating media studios in the university campus, which include television transmission vehicles, satellites, and special transport vehicles.

The Company reported that the value of the contract is SAR 7.6 million, with an amount of SAR 2.3 million to be paid for the first year, an amount of SAR 2.5 million for the second year, and an amount of SAR 2.7 million for the third year, and the years are paid in two installments every six calendar months for each year.

The contract includes the management and operation of the studios according to the highest international standards for media production, including the location of the media studios according to the approved educational district site plan, as well as the television transmission vehicles. The Imam University Endowments Co. is also entitled, if Mufeed Co. leases the transmission vehicles outside the university campus, to a percentage of (25%) of the total rental value of those vehicles.

According to the statement published on “Tadawul”, the contract will last for 3 years, and it is expected that the contract will have a positive financial impact on the Company’s results during the first half of 2025.

The Company confirmed that this contract comes in line with its future vision and in accordance with the expansion plan, which aims to achieve the growth it seeks in its operational processes to achieve the returns it targets within its plan.