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- Bahrain All Share Index marks 1,970.96 points
- Nasdaq Dubai welcomes CNY1bn bond listing by Emirates NBD
- AD Ports, Stellantis to develop integrated automotive ecosystem in Abu Dhabi
- Alba, Tamkeen, Brinc MENA Shortlist Three Bahraini SMEs for Open Innovation Programme
- SAL Saudi Logistics Services seals agreement with Saudi Post
- Tecom Group's 55pc Dubai office buildings get LEED certification
- Aldar announces sell-out of Yas Living; nets over $354m in sales
- Oil Edges Up as US, China Tamp Down Trade Tension
- Kuwait Airways launches its winter campaign
- NBK recognized by Legal 500 as one of Kuwait's top legal teams
05/10/2009 00:00 AST
Saudi Arabia-based Middle East Specialized Cables Co (MESC) said it would seek approval for a capital hike to finance the takeover of United Transformers Electric Co (UTEC).
UTEC, an unlisted local firm, is a joint venture between Al-Fozan group and Australias Wilson Transformer Company.
MESC signed an initial agreement with UTEC on Sunday setting a June 30 target for the completion of the takeover, MESC said in a statement posted on the bourses website late on Sunday.
"Each of the two companies is going to appoint a financial adviser to evaluate this takeover," MESC said.
The firm will "seek the necessary approvals from its owners, official parties and an assembly to raise capital for the purpose of owning UTEC shares", it added.
UTEC, established in 2001, produces 15,000 transformers a year and claims a 25 percent local market share. State-owned utility Saudi Electricity is UTECs main customer.
Export-oriented MESC generated sales of 1.31 billion riyals ($349 million) in 2008 and made a net profit of 88.4 million riyals in the same period.
Through expansion in Saudi Arabia, Jordan and the United Arab Emirates, MESC wants to raise sales 3 billion riyals and net profit to 300 million riyals by the end of 2010, according to its 2008 annual report.
For more on this:
http://www.iii.co.uk/news/?type=afxnews&articleid=7557376&subject=general&action=article
iii.co.uk
17/05/2015
Several banks are extending a lifeline to the Middle East Specialised Cables Company/MESC-Jordan with a multimillion dinar syndicated loan.
The company, 49 per cent owned by Saudi Arabia's M
Jordan Times
18/10/2012
Middle East Specialized Cables Co. (MESC) announces interim financial results for the period ending 30/09/2012 as follows:
1. Net Profit during the third quarter amounts to SR 9.2 million ve
Tadawul
21/04/2009
Hadeed Emirates Contracting, the leading industrial contractor and developer in the UAE has signed a contract with Saudi Arabian Middle East Specialised Cables Company (MESC) to establish a cable man
Gulfnews
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| RIYADHCABLES | 138.20 | 0.50 (0.36 |
| ASTRAINDUSTRIAL | 147.20 | -0.40 (-0.28 |
| UNITEDMINING | 44.00 | 1.00 (2.32 |
| ALBABTAIN | 62.85 | 0.00 (0.00 |
| BAWAN | 56.65 | -0.85 (-1.48 |
15/10/2025
The Abu Dhabi Investment Office (ADIO) and Abu Dhabi Ports Group (AD Ports Group) have signed a strategic co-operation agreement with Stellantis, one of the world's largest automotive manufacturers a
Trade Arabia
15/10/2025
Aluminium Bahrain B.S.C. (Alba), the world's largest aluminium smelter on one site, is pleased to announce its progression to the accelerator phase of the Open Innovation Programme, a strategic colla
BNA
15/10/2025
Saudi-based SAL Saudi Logistics Services has signed a strategic agreement with Saudi Post to enhance mail handling and transportation operations across various regions of the Kingdom.
As pe
Trade Arabia
15/10/2025
Tecom Group has announced that 55% of the gross leasable area across its commercial portfolio is LEED (Leadership in Energy and Environmental Design) certified after it received 12 certifications dur
Trade Arabia
15/10/2025
Leading Abu Dhabi developer Aldar has announced the sell-out of its prime project - Yas Living - within days of launch, generating over AED1.3 billion ($354 million) in sales.
Located on th
Trade Arabia
Financial Information Co.
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