MBC Group Co. — Capital/Financing Update 2024

Dec 5, 2024

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

4072 · 05/12/2024 15:50:06 · Announcement #84022 · View on Saudi Exchange

MBC Group Company announces the signing of a Memorandum of Understanding between MBC Media KSA 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 subsidiary, MBC Media KSA Limited (“MBC Media”), 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 provide world class content on the social media platform operated by TikTok (the “TikTok Platform”) by creating a cooperative relationship and developing it into a strategic long-term partnership.

During the term of the MOU, the parties will collaborate to further enhance the TikTok Platform’s user experience in the Kingdom of Saudi Arabia.

The MOU requires the parties to work towards satisfying certain conditions, including the entry into a definitive agreement, whereby such definitive agreement shall govern the parties' respective rights and obligations in connection with their collaboration. The definitive agreement may include terms and conditions relating to the production by MBC Media of content on the TikTok Platform and the provision by MBC Media of advisory services to TikTok for the purpose of attracting users to the TikTok Platform, as well as MBC Media’s financial revenues for the services provided to TikTok. 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 MBC Media 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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