MBC Group Co. — Capital/Financing Update 2024

Oct 29, 2024

MBC Group announces the signing of an amendment agreement for one of its expansion project agreements with its subsidiary MBC Media FZ-LLC, Istedamah Holding Company and MBC Group Holdings Limited (BVI).

4072 · 29/10/2024 15:41:57 · Announcement #83201 · View on Saudi Exchange

MBC Group announces the signing of an amendment agreement for one of its expansion project agreements with its subsidiary MBC Media FZ-LLC, Istedamah Holding Company and MBC Group Holdings Limited (BVI).

Element List	Explanation
Introduction	MBC Group (the “Company”) announces the signing of an amendment agreement with its wholly-owned subsidiary MBC Media FZ-LLC ("MBC Media"), Istedamah Holding Company and MBC Group Holdings Limited (BVI) (the “Amendment Agreement”), for the purposes of amending the project agreement dated 26/10/1444H (corresponding to 16/05/2023G) in connection with the funding of certain amounts for the operation of certain TV channels of the Group (the “Project Agreement”) as disclosed in the Company’s prospectus.
Date of Announcement of the Award	2024-10-29 Corresponding to 1446-04-26
Contract Subject Matter	Amendment of the Project Agreement.
The Entity with Which the Contract was Signed	Istedamah Holding Company (as representative of the KSA government and provider of the funding), and MBC Media FZ-LLC (as the entity receiving the funding), and MBC Group Holdings Limited (BVI) (in its capacity as the previous holding company of the Group).
Date of Signing the Contract	2024-10-29 Corresponding to 1446-04-26
Contract Value	The total uncommitted allocated amount as per the Project Agreement amounts to USD 390,219,503 (equivalent to SAR 1,463,323,136).
Contract Details	The Amendment Agreement has been entered into for the purpose of the replacement of the guarantor as party in the Project Agreement, whereas the Company shall now guarantee the obligations of MBC Media under the Project Agreement as a replacement guarantor of MBC Group Holding Limited (BVI), given that the Company is the new holding company for the Group after the restructuring procedures, as disclosed in the prospectus.
Contract Duration	The same duration of the Project Agreement, which shall end on 31 December 2028G.
Financial Impact and the Relevant Period	There is no material financial impact on the Company.
Related Parties	Istedamah Holding Company is a related party to the Company considering it is one of the substantial shareholders of the Company.

His Excellency Mr. Hindi Abdullah Humaidan Al Sohimi (vice chairman of the Company) has an indirect interest in the Amendment Agreement given his role as chairman of the board of directors in Istedamah Holding Company. Additional Information The Company confirms that the Amendment Agreement was concluded in the ordinary course of business of the Company and did not include any preferential benefits.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.