MBC announces plans to float 33.25 million shares on Tadawul

MBC Group has announced further details of its offering on Thursday, stating that it will float 33.25 million shares on the Tadawul. (Supplied)
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Updated 24 November 2023
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MBC announces plans to float 33.25 million shares on Tadawul

  • The Capital Market Authority approved the application, which amounts to 10 percent of MBC

LONDON: MBC Group has announced further details of its offering on Thursday, stating that it will float 33.25 million shares on the Tadawul, Saudi Arabia’s official stock exchange.

The media conglomerate’s prospectus states that the current capital stands at $797.7 million, and that there are currently 299.25 million shares.

The company plans to issue 33.25 million new shares for the offering, which is 10 percent of MBC’s total capital after the offering.

The IPO was approved by the Capital Market Authority (CMA) earlier this week. The date for the IPO hasn’t been specified yet, but the approval is valid for six months.

“We are not entirely sure on the timing of it,” said Sam Barnett, CEO of MBC Group.

He added that the share price would evolve over the book-building process.

Currently, Al Istedamah Holding (IHC) owns a 60 percent stake and chairman Waleed Al-Ibrahim owns the remaining 40 percent of the company. The IPO would mean that IHC and Al-Ibrahim would together own 90 percent of the company.

“The two respective shareholders will be diluted in proportion to their shareholdings,” Barnett said.

He added that neither are selling any shares, and the money from the IPO would go into the company.

“Through the IPO, we aim to further grow our market position and audience reach, continue investing in our popular streaming platform, Shahid, and expand into promising entertainment verticals,” said Al-Ibrahim.

The move is in line with the company’s vision “to continue evolving as a global media and entertainment powerhouse” and “deepening our commitment to realizing Vision 2030 by supporting the growth and development of the media and entertainment sector,” he added.

The period for registering applications for participating categories and the process of building the order book begins on Nov. 30 and continues for 7 days, ending on Dec. 6.

The offering period begins on Dec. 14 and ends on Dec. 18.


Israeli court overturns conviction of officer who assaulted Palestinian journalist, citing ‘Oct. 7 PTSD’

Updated 25 February 2026
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Israeli court overturns conviction of officer who assaulted Palestinian journalist, citing ‘Oct. 7 PTSD’

  • Judge sentenced Yitzhak Sofer to 300 hours of community service, saying officer “devoted his life to Israel’s security” and conviction was “disproportionate to severity of his actions”
  • Footage shows Sofer throwing photojournalist Mustafa Alkharouf to the ground, and repeatedly beating and kicking him while he covered Palestinian gatherings near Al-Aqsa Mosque

LONDON: An Israeli court overturned the conviction of a border police officer who assaulted a Palestinian journalist, ruling his actions were influenced by post-traumatic stress disorder from serving during the Oct. 7 2023 attacks.

On Tuesday, the Jerusalem Magistrate’s Court sentenced officer Yitzhak Sofer to 300 hours of community service for assaulting Anadolu Agency photojournalist Mustafa Alkharouf in occupied East Jerusalem in December 2023.

Footage shows Sofer and other officers drawing weapons, throwing Alkharouf to the ground, and repeatedly beating and kicking him while he covered Palestinian gatherings near Al-Aqsa Mosque amid heavy restrictions.

Alkharouf was hospitalized with facial and body injuries. His cameraman, Faiz Abu Ramila, was also attacked.

Sofer had been convicted in September 2024 of assault causing bodily harm (acquitted of threats) and initially faced six months’ community service, as recommended by Mahash, the Justice Ministry’s police misconduct unit.

Judge Amir Shaked accepted the defense request to cancel the conviction, replacing it with community service.

He cited Sofer’s PTSD from responding to the Oct. 7 Hamas-led attack, noting the officer had “no prior criminal record” and had “devoted his life to Israel’s security.”

“The court cannot ignore this when considering whether the defendant’s conviction should stand,” he said, adding that while the incident is “serious and does cross the criminal threshold,” the conviction in place could cause Sofer harm “disproportionate to the severity of his actions.”

The ruling comes amid surging attacks on journalists in the West Bank, East Jerusalem and Gaza since Israel’s war on Gaza began.

The Committee to Protect Journalists reported Israel responsible for two-thirds of the 129 media workers killed worldwide in 2025, the deadliest year on record, citing a “persistent culture of impunity” and lack of transparent probes.

Reporters Without Borders called the Israeli army the “worst enemy of journalists” in its 2025 report, with nearly half of global reporter deaths in Gaza.

Foreign journalists face raids, arrests and intimidation. In late January 2026, Israel’s Supreme Court granted a delay on ruling a ban on foreign media access to Gaza.