It is expected that the group will make the move as soon as next year.
MBC Group is reportedly working with HSBC Holdings Plc and JPMorgan Chase & Co. on an initial public offering in Riyadh, according to a report by Bloomberg.
Bloomberg reported that the listing of MBC Group could come as soon as next year, citing sources familiar with the plans who asked not to be identified because the information had not yet been made public.
They said additional banks could be added to the plans but specific details, such as the size of the IPO, the valuation and the timing, are not yet clear.
The kingdom’s government owns a 60% stake in MBC, with the rest of it held by founder and chairman Waleed Al-Ibrahim.
MBC, which was founded in London in 1991, moved its headquarters to Dubai in 2002, and then to Saudi Arabia’s capital Riyadh. The first privately-owned pan-Arab satellite TV channel has 20 TV channels and a video-streaming service Shahid VIP.
