The Clap Al Arabia (4071) revealed that MBC Group (one of the major shareholders) has exercised the right to acquire a 15% stake in Arabian Contracting Services by acquiring Engineer Holding Group’s shares (one of the major shareholders).
The Deets MBC Group’s stake in Arabian Contracting will increase to 20%, while Engineer Holding Group’s stake will decrease from 65% to 50%
A share purchase agreement was signed between MBC and Engineer Holding regarding the transfer of the shares subject to sale, on September 15, 2022.
Arabian Contracting Arabian Contracting is a provider of outdoor advertising solutions since 1983 and has invested in companies working in various advertising fields.
Right to Buy The option to buy extends to three years since January 2021 and may be exercised only once by MBC.
What Now The transaction will be executed once all applicable procedures and requirements are met.
Why this MattersThis transaction reflects MBC’s confidence in the performance and financial results of Arabian Contracting and the strong future outlook for the company’s growth.