Telecom
Gulf Broadcaster Hires HSBC and JPMorgan for Saudi IPO
- Saudi share sales have done well despite tensions in region
- The kingdom’s government owns a 60% stake in MBC Group
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The Middle East’s biggest broadcaster MBC Group hired HSBC Holdings Plc and JPMorgan Chase & Co. for what could be one of the year’s highest profile initial public offerings in Saudi Arabia.
After receiving approval from the local market regulator, MBC will sell a 10% stake, or 33.25 million shares, in a capital raise in the IPO, according to terms of the deal obtained by Bloomberg News.