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- Picking UAE stocks that can withstand global markets' tariff whiplash
- Dubai's Emirates NBD clears Dh1 trillion balance-sheet milestone in Q1-2025
- NBK reports a net profit of KD 134.1 million for Q1 2025
- CBB Treasury Bills oversubscribed by 166%
- Bahrain All Share Index closes lower
- Boubyan Bank records KD 26.5 million in net profit for Q1, 2025, an increase of 6%
- Zain Kuwait, one of the first mobile operators in region to achieve ISO 37301
- CBO launches 74th issue of Government Development Bonds via auction
- QNB Group broadens funding sources, open to future opportunities
- Bank Muscat advances digital transformation
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 | 123.40 | -2.60 (-2.07 |
| ASTRAINDUSTRIAL | 144.40 | -3.20 (-2.17 |
| OBEIKANGLASS | 30.30 | 0.35 (1.16 |
| RAOOM | 78.10 | 0.80 (1.03 |
| BAWAN | 55.80 | 1.60 (2.95 |
22/04/2025
Emirates NBD's profit before tax stirred up a sharp 56% quarter-to-quarter growth to Dh7.8 billion for the first three months of 2025. The key fundamentals - 'lending momentum, improvement in deposit
Gulfnews
22/04/2025
National Bank of Kuwait (NBK) has announced its financial results for the three-month period ended March 31, 2025. The Bank reported a net profit of KD 134.1 million ($434.8 million), compared to KD
Kuwait Times
22/04/2025
Boubyan Bank has announced its financial results for Q1 of this year. The bank recorded KD 26.5 million in net profits at a growth rate of 6 percent compared with the same period of the past year, wi
Kuwait Times
22/04/2025
Zain, Kuwait's leading digital services provider, has been awarded the ISO 37301:2021 certification an internationally recognized standard for Compliance Management Systems (CMS).
As one of
Kuwait Times
22/04/2025
QNB Group, the largest financial institution in the Middle East and Africa, stated that the recently announced $2bn unsecured syndicated term loan facility aims at extending the bank's financing matu
QNA
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