Riyadh Mubasher: MBC Group sold part of its stake in Arabian Contracting Services Company (Al Arabia) at an amount of SAR 416.50 million, according to a bourse disclosure.
MBC Group sold 2.45 million, equivalent to 4.90% of Al Arabia's share capital, to a number of investors.
The proceeds will be used to support the group’s activities and anchor its financial position while boosting its investment profits.
The transaction was implemented on 20 October 2024, with the book value of the sold shares standing at nearly SAR 246 million. Meanwhile, the book value of the group’s entire share in Al Arabia is around SAR 1 billion.
In the first half (H1) of 2024, MBC Group posted 360% year-on-year (YoY) higher net income at SAR 237.80 million, compared with SAR 51.70 million.
