By: Mohamed Idris

Riyadh – Mubasher: Middle East Specialized Cables Company (MESC) will resume trading today at the Saudi Stock Exchange (Tadawul) after being halted for four sessions.

The Saudi Capital Market Authority (CMA) earlier suspended trading on the share as MESC didn’t announce its preliminary results for the period ended 31 December, 2015.

By the end of the reporting period, MESC said that it will not be able to announce its financial results for the fourth quarter of fiscal year 2015, explaining that it didn’t finish the examination of financial statements of its subsidiaries in Jordan.

Six days later, the company announced the results of the fourth quarter with net losses of SAR 57.3 million, versus SAR 5.7 million in the same period of 2014.

Net losses worsened 220% to SAR 73.9 million last year, compared to SAR 23.1 million in 2014.

The share declined yesterday by 0.91% to SAR 6.50.

Translated by: Elwy el-Manzalawy