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Arabian Contracting Services Company, or Al Arabia, in which Middle East media conglomerate MBC Group holds a stake, has announced its intention to sell 30 percent of its shares in an initial public offering (IPO) and list on the Saudi Stock Exchange (Tadawul).
The public offering is expected to take place from October 26 to October 28, according to a company prospectus. A book-building process will determine the offer price per share.
At least 15 million shares will be offered to qualified institutional investors, as well as individual investors in Saudi Arabia and the rest of the Gulf Cooperation Council (GCC) region.
Al Arabia is the largest outdoor advertising company in Saudi Arabia in terms of revenue. As of 2020, it holds 62.3 percent of the market share in the kingdom.
Aside from MBC Group, the company also counts Engineer Holding Group Company, a major media group operating in Saudi Arabia, as its current shareholder.
In a statement, the company said it has already obtained the approval from the Saudi bourse to list its shares on the main market and from the Capital Market Authority to hold the IPO.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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