Cable Company shares soar on listing

09 December 2007
Shares in Middle East Specialised Cable Company (MESC) reached a high of SR99.5 ($26.5), almost 10 times its listing price, on its first day of trading on the Tadawul on 8 December.

It closed at SR90 ($24). The shares were sold at SR10 ($2.67) during its initial public offering that was oversubscribed two times.

HSBC has launched two new equity indices to track the peformance of the Tadawul. HSBC’s Saudi Index is made up of 36 stocks and its petrochemical index includes 11 stocks in the sector, including Saudi Basic Industries Corporation (Sabic) and Saudi Arabia Fertilisers Company (Safco).

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