The Middle East’s biggest broadcaster is working with HSBC Holdings Plc and JPMorgan Chase & Co. on an initial public offering in Riyadh, according to people familiar with the matter, Bloomberg reported.
The listing for MBC Group “could come as soon as next year, the people said, asking not to be identified as the information isn’t public,” however, the size of the IPO and valuation weren’t immediately clear and the timing is subject to change.
The kingdom’s government owns a 60 percent stake in MBC, with the rest of it held by founder and chairman Waleed Al-Ibrahim, one of Saudi’s richest businessmen, Bloomberg said.
The report added that more banks may be added at later stage to the offering.
Representatives for MBC, HSBC and JPMorgan declined to comment Bloomberg said.
MBC, which was founded in London in 1991, moved its headquarters to Dubai UAE in 2002, and then to Saudi Arabia’s capital Riyadh. The first privately-owned pan-Arab satellite TV channel, has 20 TV channels and video-streaming service Shahid VIP.
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