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The Public Investment Fund (PIF) now holds a majority stake in MBC, after acquiring Istedamah Holding’s entire 54% stake in the media company for SAR 7.5 bn under a binding share sale and purchase agreement, according to a disclosure to Tadawul. The transaction saw Istedamah selling its stake in MBC at SAR 41.60 per share. Bloomberg also had the story.
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IN CONTEXT- The PIF is shifting its strategy towards domestic investments, with plans to reduce overseas exposure from 30% to 18-20%, to support domestic diversification projects and encourage co-investment from foreign firms within the Kingdom. The move just comes one day after the sovereign wealth fund signed five MoUs worth USD 51 bn with Japanese banks for two-way capital flows.
Market reax: MBC’s shares closed up 10% yesterday at SAR 45.75 apiece on the back of news of the acquisition.
