MBC Group pays off SAR 497.3M loan

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MBC Group Co. announced the full repayment of a SAR 497.25 million loan owed to Istedamah Holding Co., pursuant to the loan agreement dated Oct. 6, 2022, and amended on July 6, 2023, as disclosed in the prospectus.

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In a statement to Tadawul, the group said that the repayment was done from the available liquidity with no material impact on its financials.

According to data available data on Argaam, the loan agreement for SAR 497.25 million was signed with the aim to acquire 15% of Arabian Contracting Services Co. (Al Arabia).

According to the agreement, MBC must pay the loan within 12 months from the date of receipt of the request for payment from Istedamah or the date of the company's waiver of its shares in Al Arabia or any other date determined by Istedamah under a written notification.

MBC owns a 20% stake in Al Arabia.