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MBC Group’s wholly owned subsidiary, MBC Studios Projects Saudi Arabia Ltd., signed today, Nov. 18, a production services contract with Sadaf for Audio and Visual Production Co. Ltd., a related party, to produce a television series worth $14.12 million (SAR 52.94 million).
In a statement to Tadawul, the company said the contract involves producing a 250-episode television series, with deliveries beginning in 2025.
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The contract term starts on the signing date and continues until the completion of all episodes and deliverables as specified.
The financial impact is expected to appear in the company’s 2025 financial results, the company noted.
The company highlighted the involvement of related parties, as Al Sadaf is 90% owned by Ara International Holding Co., which is equally owned (50% each) by the company's Chairman and Istidama Holding Co., a major shareholder.
It affirmed that the contract was executed in the ordinary course of business with no preferential terms.
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