Dubai: Saudi Arabian media giant MBC Group on Tuesday announced its intention to proceed with an initial public offering (IPO) and listing of its ordinary shares on the Saudi Exchange.
MBC plans to float 10 per cent of its share capital, an MBC statement said without disclosing expected pricing.
The IPO was approved by the kingdom's Capital Market Authority (CMA) earlier on Tuesday. The authority did not specify an expected date for the IPO, but the approval is valid for only six months.
The Saudi government owns 60 per cent of the company, which includes 20 TV channels broadcast across the Middle East.
There has been a flurry of Saudi IPOs in recent years as part of broader plans to deepen capital markets, grow the private sector and attract investment.