Riyadh, Saudi Arabia — Saudi media conglomerate MBC Group’s application to sell 33.25 million shares in an initial public offering (IPO), representing 10 percent of its capital, has been approved by Saudi Arabia’s Capital Market Authority (CMA).
The company’s prospectus will be published ahead of the planned share sale, the market regulator said in a statement.
The approval granted by the CMA is valid for a period of six months from the date of the Board resolution.
Headquartered in Riyadh, MBC Group operates over 19 free-to-air satellite TV channels, and a video on demand service (Shahid).
