Via Fahad Abuljadayel in yahoo.com: The PIF, as the fund is known, is set to acquire 54% of MBC Group from Saudi Arabia’s Ministry of Finance, represented by Istedamah Holding Company, according to a statement on Sunday. The finance ministry will transfer the entirety of its stake to the PIF at Thursday’s closing share price of 41.60 riyals ($11) per share, subject to certain approvals and non-objections that may be required from relevant entities. The move follows a flurry of activity for MBC, which started trading earlier this year in Riyadh after a $222 million listing. In October, the broadcaster sold a stake in advertising subsidiary Arabian Contracting Services and paid off a loan of almost 500 million riyals to Istedamah Holding.
