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MBC Group Co. Announces Contract Sign Off with MedYapim Middle East Audiovisual Media Production Company
| Element List | Explanation |
|---|---|
| Introduction | MBC FZ-LLC (the "Company") (a subsidiary fully owned by MBC Group) announces the signing of a production contract dated 14/11/1445H (corresponding to 23/05/2024G) with MedYapim Middle East Audiovisual Media Production Company, a related party, for the production of a television series. |
| Date of Announcement of the Award | 2024-05-25 Corresponding to 1445-11-17 |
| Contract Subject Matter | Production of a television series. |
| The Entity with Which the Contract was Signed | MedYapim Middle East Audiovisual Media Production Company |
| Date of Signing the Contract | 2024-05-23 Corresponding to 1445-11-15 |
| Contract Value | 65,104,748.21 SAR |
| Contract Details | The production of a television series consisting of 90 episodes under the working title "Mother Anne" will cost 65,104,748.21 Saudi Riyals. The production contract is expected to be completed by February 2025, in accordance with the terms and conditions of the agreement. |
| Contract Duration | The contract is effective from the date of signing, and production for the series ending in January 2025. All episodes are expected to be delivered by February 2025. |
| Financial Impact and the Relevant Period | This contract is expected to have a positive impact on the Company's financial statements of 2025G. |
| Related Parties | MedYapim Middle East Audiovisual Media Production Company is a subsidiary of MBC Group, thus qualifying as a related party. Mr. Waleed Ibrahim Abdulaziz Al-Ibrahim (MBC Group Chairman) holds an indirect interest in this contract through his ownership stake in MedYapim Middle East Audiovisual Media Production Company, which is held indirectly through Ara International Company for Art Production and Advertising Ltd. |
| Additional Information | The Company confirms that the contract was concluded in the ordinary course of business of the Company and did not include any preferential benefits. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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