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MBC Group Sells Part of Its Stake in Al Arabia for $110 Million

MBC Group inaugurates its sprawling new headquarters complex in the capital city of Riyadh in 2022 (SPA)
MBC Group inaugurates its sprawling new headquarters complex in the capital city of Riyadh in 2022 (SPA)
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MBC Group Sells Part of Its Stake in Al Arabia for $110 Million

MBC Group inaugurates its sprawling new headquarters complex in the capital city of Riyadh in 2022 (SPA)
MBC Group inaugurates its sprawling new headquarters complex in the capital city of Riyadh in 2022 (SPA)

MBC Group on Sunday sold part of its stake in Arabian Contracting Services Co. (Al Arabia), comprising 2.45 million shares, or 4.9% of Al Arabia's share capital, to several investors for SAR 416.5 million ($110.9 million), according to an announcement to the Saudi Stock Exchange “Tadawul.”
Al Arabia is a leading company in outdoor advertising in the Kingdom. Its business includes setting up, operating and maintaining outdoor advertising billboards, specifically roadside advertising and indoor advertising.
The book value of the Company's entire share in Al Arabia is around SAR 1 million , and the book value of the shares sold in the Transaction is around SAR 246 million.
The purpose of the transaction is to strengthen the Company's financial position and realize a portion of the Company's investment profits, the announcement to Tadawul said.
After the Transaction, the Company will retain a 15.1% stake in Al Arabia as an investment in an associated company.
The remaining shares held by the Company in Al Arabia will be subject to a 180-day contractual lock-up undertaking starting from the Transaction execution date.
On Sunday morning, MBC Group announced the full repayment of a SAR 497.25 million ($132.4 million) loan owed to Istedamah Holding Co., pursuant to the loan agreement.
In a statement to Tadawul, the group said that the repayment was done from the available liquidity with no material impact on its financials.

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Global Corporate Social Responsibility Forum to Kick off in Riyadh on Monday

A view of the Saudi capital Riyadh. (Getty Images)
A view of the Saudi capital Riyadh. (Getty Images)
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Global Corporate Social Responsibility Forum to Kick off in Riyadh on Monday

A view of the Saudi capital Riyadh. (Getty Images)
A view of the Saudi capital Riyadh. (Getty Images)

The Saudi Ministry of Human Resources and Social Development will hold in Riyadh on Monday the inaugural Global Corporate Social Responsibility (CSR) Forum under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

The event, held under the theme "From Commitment to Impact", aligns with the Saudi Vision 2030 and the ministry's strategy to promote social responsibility by driving the Kingdom's development and building economic partnerships to foster a vibrant and collaborative society.

The forum will feature an extensive program that showcases local and international success stories, fosters communication among participants, and facilitates the exchange of insight and expertise in adopting sustainable policies globally.

Over 40 panel discussions led by more than 100 experts from 60 countries are planned during the forum. Participants include local and international ministers, private sector CEOs, experts, specialists, and decision makers.

Discussions will focus on the role social responsibility plays in aligning business strategies with the Saudi Vision 2030, global sustainability, and the role of modern technology toward reaching set goals.

The sessions will cover the use of AI to enable social responsibility and digital transformation, social responsibility in the industrial and financial sectors, corporate social responsibility initiatives that support the business environment and smart cities, and boost the global impact of corporate social responsibility.

The two-day forum will underscore Saudi Arabia's rising international status as one of the world's largest and fastest-growing economies.

According to the Global Competitiveness Report, Saudi Arabia ranks 16th globally in social responsibility, which makes it a leader in addressing global challenges.