Tuesday December 24th, 2024
Download the app
Copied

PIF to Acquire Majority 54% Stake in MBC for USD 2 Billion

The Public Fund Index’s movie signals a shift towards domestic investments as it manages assets over USD 900 billion. This move is expected to enhance local media influence.

Scene Now Saudi

PIF to Acquire Majority 54% Stake in MBC for USD 2 Billion

Saudi Arabia’s Public Investment Fund (PIF) announced its acquisition of a controlling 54% stake in MBC Group for approximately USD 2 billion. This move aligns with PIF's growing emphasis on domestic investments, as it pivots from its previously more international-focused portfolio.

The announcement was made following a binding share sale and purchase agreement signed with Istedamah Holding Company, which owned the stake in MBC. As part of this transaction, PIF will take control of 179,550,000 shares, which values the shares at approximately SAR 41.6 (USD 11) each. Following the news, shares in MBC saw an immediate rise of around 10%, reflecting investor optimism about the deal and the potential for future growth.

Managing assets exceeding USD 900 billion, the PIF is redirecting its strategy to focus on nurturing and developing domestic projects. As the media landscape continues to evolve, the PIF’s investment is likely to play a critical role in shaping the future of Saudi entertainment and content creation.

×

Be the first to know

Download

The SceneNow App
×