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Arabian Contracting Services Co. announces that MBC Group sold part of its stake in Arabian Contracting Services Company.
| Element List | Explanation |
|---|---|
| Announcement Detail | Arabian Contracting Services Co. announces that MBC Group (one of the major shareholders) sold part of its stake in Arabian Contracting Services Company “AlArabia Company” The sale comprising 2,450,000 shares, which represent 4.9% of AlArabia's share capital, to a number of investors. The transaction was completed on 20-10-2024 with a total value of SAR 416,500,000 and it was executed as a negotiated deal in accordance with the relevant regulatory procedures. 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 prospectus of MBC Group. The Group will retain a 15.1% stake in AlArabia as an investment in an associated company and these remaining shares held by MBC Group will be subject to a 6 month contractual lock-up undertaking starting from the transaction execution date. |
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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Company Performance
Key Parameters
Last Price 103.2
Net Change -0.8 (-0.77%)
Value Traded (Sar) 16,350,520.5
Volume Traded 158,677
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