© Reuters A strong jump in MBC Group shares in its first session on the Saudi Stock Exchange
Arabictrader.com – MBC Group shares jumped strongly during its first trading on the main stock market, today, Monday, by 30% to settle at the level of 32.50 riyals per share, noting that the daily price fluctuation limits for shares listed on the main Saudi stock market are 30% rise or fall. This is during the first three trading sessions after listing.
It should be noted that the initial subscription coverage for the individual segment of MBC Group shares amounted to 17.6 times, while the coverage rate for the institutional segment was about 66 times the value of the total shares offered, as the offering attracted applications worth 54.5 billion riyals (about 14.5 billion) from the institutional segment.
Late last year, the Saudi Stock Exchange approved MBC Group’s offering of 10% of the total capital, at a value of 33.25 million new shares.
The Saudi government owns 60% of the MBC Group, which is the largest media group in the Middle East, while the founder and Chairman of the Board of Directors, Walid Al-Ibrahim, owns the remaining share of the shares.
2024-01-08 08:43:00
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