MBC Group Co. — Capital/Financing Update 2024

Dec 5, 2024

MBC Group Company announces the signing of a Memorandum of Understanding between MBC Media Solutions Limited and TikTok PTE. LTD.

4072 · 05/12/2024 15:50:35 · Announcement #84023 · View on Saudi Exchange

MBC Group Company announces the signing of a Memorandum of Understanding between MBC Media Solutions Limited and TikTok PTE. LTD.

Element List	Explanation
Introduction	MBC Group Company (the “Company”) announces the signing of a memorandum of understanding (the “MOU”) between its Saudi subsidiary, MBC Media Solutions Limited (“MMS”) and TikTok Pte. Ltd. (“TikTok”).
Memorandum Signing Date	2024-12-05 Corresponding to 1446-06-04
Counterparty	TikTok Pte. Ltd.
Memorandum Subject	Pursuant to the MOU, the parties shall collaborate to leverage MMS's expertise in advertising and marketing on TikTok's social media platform (the “TikTok Platform”), by creating a cooperative relationship and developing it into a strategic long-term partnership.

The MOU requires the parties to work towards satisfying certain conditions, including the entry into a definitive agreement, which shall govern the parties' respective rights and obligations in connection with the sale by MMS of advertising space on the TikTok Platform in the Kingdom of Saudi Arabia. The definitive agreement will include terms and conditions relating to an advertisement reselling program carried out on the TikTok Platform by MMS.

The definitive agreement is expected to address MMS’ financial revenues relating to the advertisement reseller program on the TikTok Platform. Memorandum Duration The MOU shall take effect on the date of its signing and will remain in force until the later of (a) the third-year anniversary of the date on which the conditions mentioned in the MOU are satisfied, or (b) 31 December 2027G, unless terminated earlier in accordance with the terms of the MOU. Related Parties The MOU does not involve any related parties. Financial Impact The MOU will not have a financial impact on the Company. Additional Information The parties will continue their negotiations regarding the terms and conditions of the definitive agreement. There is no guarantee that MMS will enter into the definitive agreement. In the event that the definitive agreement is signed, the Company will make the necessary announcements in accordance with applicable laws and regulations. Attached Documents  

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