MBC shares bounce 30% in first buying and selling on Saudi market

On Monday, in the course of the first buying and selling session on the Saudi inventory market, shares of MBC Group elevated by 30% to a value of 32.5 riyals. reached 94.5 million riyals and roughly 2.9 million shares.

The MBC Group firm was listed for the primary time on the principle Saudi inventory market on January 8, 2024, and its shares had been traded below the image 4072 and the worldwide image SA15U0CHVK19, and the providing value reached 25 riyals per motion.

Saudi Tadawul beforehand introduced that the inventory’s day by day value fluctuation limits could be 30% if it rises or falls, with mounted value fluctuation limits of 10% if it rises or falls in the course of the first three days of buying and selling, and from the fourth day, the day by day value fluctuation limits might be reset to a rise or lower of 10%, and the mounted value fluctuation limits might be canceled.

For his half, Sheikh Walid Al-Ibrahim, Chairman of the Board of Administrators of MBC Group, stated in the course of the itemizing ceremony that our imaginative and prescient has change into actuality with the itemizing of MBC Group on one of many 10 most necessary monetary markets. necessary on the earth. the world.

He added that the itemizing stage will allow us to develop and change into aggressive globally.

For his half, the Govt Director of the Saudi Tadawul Group, Mohammed Al-Rumaih, stated in the course of the itemizing ceremony that the MBC Group is among the finest main corporations within the subject of media on the earth and that its itemizing constitutes a distinguished addition. to the robust portfolio of the Saudi market.

He added that this itemizing is taken into account an necessary milestone within the journey of the Saudi market, reflecting its attractiveness and the variety of its companies and merchandise.

On the finish of final yr, the MBC Group made a subscription supply for its shares. 33.25 million widespread shares of the corporate had been provided, representing 10% of the corporate’s capital. The supply value was set at 25 riyals per share. .

Complete proceeds from the providing amounted to 831 million riyals, bringing the corporate’s market worth to eight.3 billion riyals.