JEDDAH, 7 June 2005 — As many as 20 investment funds at banks have heavily invested in Saudi Cable Company’s shares during the past week, an official source at the company said, adding that the funds had purchased 24 percent of its shares.
“It’s well known that these funds invest in shares only after carefully studying performance of companies and their investment in our shares shows it’s quite feasible,” the source said.
The funds are among the largest 50 investors in SCC shares.
The source also pointed out that the company was going ahead with its expansion plan as promised to its shareholders. “We have already completed the first phase, which raised the company’s productivity by 35 percent,” he explained.
The company is now awaiting new equipment and machinery to arrive for completing the second phase of the expansion project.
