MBC shares jump 30% in their first session on the Saudi stock market

MBC Group shares jumped by a maximum of 30% in their first trading session on the main Saudi stock market, Tadawul, today, as is often the case with new, newly listed stocks. The company was listed within the media and entertainment sector in the market, which includes three other companies: “Saudi Research and Media Group,” “Tihama Advertising and Public Relations,” and “Arabia for Technical Contracting.” It is considered the first privately owned Arab group to launch satellite channels, before the Saudi government owned 60% of them. The group’s founder and Chairman of the Board of Directors, Walid bin Ibrahim Al Ibrahim, owns the remaining stake. The share price in the first hour of today’s trading session reached 32.5 riyals, compared to 25 riyals the listing price. The daily price fluctuation limits for newly listed stocks on the main financial market are 30% (up or down) during the first three sessions of listing, and then fixed limits for the daily price fluctuation of 10% are applied to them later. The group had offered 33.25 million new shares, representing 10% of its capital after issuing the offering shares and increasing the capital. Individual subscribers were allocated only 10% of the offering shares.