| Introduction | MBC FZ-LLC ("MBC FZ"), a subsidiary wholly owned by MBC Group (the "Company"), has entered into an agreement with MBC Media Solutions for Advertising Services ("MMS Egypt"), an entity effectively indirectly owned 60% by the Company, for the purpose of the sale of airtime for advertisements on MBC TV and radio channels and its digital platforms in the Arab Republic of Egypt. |
| Date of Announcement of the Award | 2024-09-03 Corresponding to 1446-02-30 |
| Contract Subject Matter | Airtime Sales Agreement. |
| The Entity with Which the Contract was Signed | MBC Media Solutions for Advertising Services LLC. |
| Date of Signing the Contract | 2024-09-03 Corresponding to 1446-02-30 |
| Contract Value | The minimum amount to be paid to MBC FZ for purchasing Airtime is 306,740,000 Egyptian Pounds (approximately 27,102,432 Saudi Riyals). |
| Contract Details | Under the agreement between MBC FZ and MMS Egypt, MMS Egypt commits to purchase a minimum amount of airtime for advertisements on MBC’s TV and radio channels and digital platforms in the Arab Republic of Egypt (“Airtime”) from MBC FZ. MMS Egypt also commits to negotiate with the clients and advertising agencies in the Arab Republic of Egypt to sell Airtime. |
| Contract Duration | The term of the Agreement is one year, effective from 1 January 2024G and ends on 31 December 2024G. |
| Financial Impact and the Relevant Period | The financial impact of the agreement shall be reflected in the financial results for the Fiscal Year 2024G. |
| Related Parties | MBC FZ is a wholly owned subsidiary of the Company in the UAE and has entered into the above-mentioned agreement with MMS Egypt (an Egyptian company that is a related party, indirectly owned by the Company by 60%). |
| Additional Information | The Company confirms that the agreement was made in the ordinary course of business and did not include any preferential benefits. |
