Middle East Specialized Cables (MESC), one of the region’s leading cable manufacturers, said that board members Abdul Aziz Al Namlah and Abdel Raouf Al Bitar sold around 2.5 million of their shares combined last year.
By the end of last fiscal year, the company had suffered SAR 23.1 million in losses at SAR 0.39 per share, mainly attributed to the poor performance of its Jordan-based affiliate, which said it lost SAR 26.2 million due to fierce competition.
MESC Saudi Arabia and MESC United Arab Emirates also reported lower-than-expected profits on declining demand and growing competition.
|
MESC Ownership Changes (thousand shares) |
||||
|
Position |
Change |
2014 |
2013 |
Name |
|
Chairman |
( 866 ) |
973 |
1,840 |
Abdulaziz Mohammed Alnamlah |
|
Board and executive committee member |
( 1,600 ) |
316 |
1,916 |
Abdul Raouf Waleed Albitar |
|
Board and audit committee member |
( 280 ) |
575 |
855 |
Suliman Mohammed Alnamlah |
The below table illustrates Abdul Aziz Al Namla and Abdel Raouf Al Bitar’s ownership adjustments over the last six years.
|
Alnamlah and Albitar’s Ownership |
||
|
Abdul Raouf Albitar |
Abdulaziz Alnamlah |
Period |
|
4,001 |
10,640 |
2009 |
|
4,001 |
10,640 |
2010 |
|
1,916 |
10,640 |
2011 |
|
1,916 |
3,494 |
2012 |
|
1,916 |
1,840 |
2013 |
|
316 |
973 |
2014 |
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