Saudi Arabia’s MBC Group plans to proceed with an initial public offering (IPO) in the coming months, Chief Executive Sam Barnett said on Tuesday. MBC plans to float 10 percent of its share capital on the Saudi Exchange, the media group said in a statement released earlier on Tuesday.
“We are not entirely sure on the timing of it,” said Barnett. “I understand the process will roll out over the coming weeks, but I expect it to be in the coming months.”
Barnett added that the share price would evolve over the book-building process.
The IPO was approved by the Kingdom’s Capital Market Authority (CMA) earlier on Tuesday.
The Saudi government owns 60 percent of the company, which includes 20 TV channels broadcast across the Middle East.
There has been a flurry of Saudi IPOs in recent years as part of broader plans to deepen capital markets, grow the private sector and attract investment.
source: english.alarabiya.net