RIYADH: MBC Holdings, a Saudi Arabian media conglomerate, has increased its shareholding in Arabian Contracting Services Co., known as Al Arabia, from 15 percent to 20 percent.
According to a bourse statement, MBC purchased the shares from Engineer Holding Group, marking a decline of its shares in Al Arabia from 65 percent to 50 percent.
The statement said that a share purchase agreement was signed between MBC Group and EHG on Sept. 15, and the transaction will be implemented as soon as all applicable procedures and requirements are satisfied.
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