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MBC Group Company announces that it has been notified by Istedamah Holding Company regarding the signing of a binding share sale and purchase agreement for the sale of Istedamah Holding Company’s entire stake in MBC Group Company to the Public Investment Fund.
| Element List | Explanation |
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| Announcement Detail | MBC Group Company (the “Company”) announces that it has received a notification from Istedamah Holding Company (“Istedamah”), one of the substantial shareholders in the Company, that it has signed a binding share sale and purchase agreement (“SPA”) with the Public Investment Fund (“PIF”) on Friday November 01, 2024G. Pursuant to the SPA, Istedamah will sell its entire stake in the Company, amounting to one hundred seventy-nine million five hundred fifty thousand (179,550,000) shares (the “Sale Shares”), which represents (54%) of the entire share capital of the Company to PIF, through a private transaction for an aggregate value of SAR 7,469 Million for the Sale Shares, at a price of SAR 41.60 per share (the “Transaction”). The completion of the Transaction is subject to a number of conditions, including obtaining the necessary approvals and non-objections that might be required from the relevant entities (the “Completion”). The Transaction will be executed as a negotiated deal in accordance with the Saudi Exchange’s (Tadawul) Trading and Membership Procedures at Completion of the Transaction. It is worth noting that, following Completion, PIF will own (54%) of the Company’s entire share capital. Any developments in this regard, including the Completion, will be announced in due course. |
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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