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- Commercial Bank successfully issues QR500m bonds
- PIF embraces 'precision finance' with diversified debt strategy, says Global SWF
- Trade volume with Saudi Arabia up 65% to QR4.9 billion: Qatar Chamber
- Dukhan Bank named 'Qatar's Best Bank for Consumers'
- Qatar Stock Exchange index at its best weekly performance since Oct 2023: Financial expert
- Dollar hits lows amid central bank independence concerns
- UAE growth forecast for 2025 and 2026 lowered by Central Bank
- Mepco unit breaks ground on tissue manufacturing facility at KAEC
- Trump's crypto project gets $100 million from UAE-based fund
- Saudi Exchange lowers tick sizes to cut investor costs, boost trading efficiency
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 | 142.60 | 1.60 (1.13 |
| ASTRAINDUSTRIAL | 156.00 | 3.00 (1.96 |
| OBEIKANGLASS | 31.10 | 0.50 (1.63 |
| RAOOM | 65.80 | 1.80 (2.81 |
| ALBABTAIN | 53.80 | 0.30 (0.56 |
27/06/2025
Commercial Bank (a Qatari public shareholding company) successfully issued a 3-year tenor, QR500m Senior-Unsecured Bonds with a coupon of 4.90%.
In a statement published on the Qatar Stock E
The Peninsula
27/06/2025
Dukhan Bank has been awarded the title of "Qatar's Best Bank for Consumers" at the prestigious Euromoney Awards for Excellence 2025, reaffirming the Bank's leadership in delivering outstanding, Shari
The Peninsula
27/06/2025
Middle East Paper Company (Mepco), one of the largest paper manufacturers in the region, has announced that its key unit - Juthor Paper Manufacturing Company - has broken ground on TM6 - the second p
Trade Arabia
26/06/2025
Specialized Medical Company (SMC), one of Saudi Arabia's leading healthcare providers, made its trading debut on the Saudi Exchange following a successful initial public offering (IPO) that raised SA
Trade Arabia
26/06/2025
Sharjah-headquartered budget carrier Air Arabia has announced the resumption of flights from its hub to various destinations across Iran, Iraq, Georgia, and other key cities, effective Tuesday, July
Gulfnews
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