20 October, 2024 15:52
MBC Group announces the sale of part of its stake in Arabian Contracting Services Company for an amount of 416,500,000 Saudi Riyal.
Element List | Explanation |
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Transaction Details | MBC Group (the "Company") announces the sale of part of its stake in Arabian Contracting Services Company ("AlArabia"), comprising 2,450,000 shares, which represent 4.9% of AlArabia's share capital to a number of investors (the "Transaction"). The Transaction was executed as a negotiated deal in accordance with the applicable procedures. |
Transaction Amount | The Transaction completed with a total value of SAR 416,500,000. |
Transaction Conditions | Not Applicable. |
Parties of the Transaction | The Company as the seller and a number of investors as buyers through negotiated deals in accordance with the applicable procedures. |
Date of Entering Into The Transaction | 2024-10-20 Corresponding to 1446-04-17 |
Description of Activity of The Asset Subject of The Transaction | AlArabia is a leading company in outdoor advertising in the Kingdom of Saudi Arabia. AlArabia's business includes setting up, operating and maintaining outdoor advertising billboards, specifically roadside advertising and indoor advertising. |
Asset Book Value | The book value of the Company's entire share in AlArabia is around SAR 1,000,000,000, and the book value of the shares sold in the Transaction is around SAR 246,000,000. |
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | AlArabia's financial statements are available on the Saudi Exchange (Tadawul) website. |
Transaction reasons | The purpose of the Transaction is to strengthen the Company's financial position and realize a portion of the Company's investment profits. |
Expected Impact of the Transaction on the Company and Its Operations | The Transaction is expected to have a positive impact on the Company's consolidated financial statements in the fiscal year ending 31 December 2024G. |
Details of Using The Proceeds of the Asset Sale | The Transaction proceeds will be used to support the Company's activities. |
Related Parties | Not applicable. |
Additional Information | After the Transaction, the Company will retain a 15.1% stake in AlArabia as an investment in an associated company. The remaining shares held by the Company in AlArabia will be subject to a 180-day contractual lock-up undertaking starting from the Transaction execution date. |
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