Saudi media group MBC gains approval for IPO | Reuters
Saudi Arabian state-owned media giant MBC Group's planned initial public offering (IPO) was approved by the kingdom's Capital Market Authority (CMA) on Tuesday.
MBC plans to float 10% of its share capital, the CMA said in a statement without disclosing the expected pricing.
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% 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.
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