Arab World's Top-Performing Stock Joins the $10 Billion Club
(Bloomberg) -- It has risen a whopping 1,650 percent since it started trading six years ago, more than any other company based in the Arab world.
Abu Dhabi-based NMC Health Plc closed at a record on Friday in London, boosting its market value to $10.8 billion. That’s about $200 million less than Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai.
NMC Health is now one of 24 equities in the region with a market cap above $10 billion. Moody’s Investors Service on Monday assigned the company a first-time rating of Ba1, the highest non-investment grade, with a stable outlook.
The medical company started trading as part of the FTSE 100 Index from September last year, a steep climb for a stock that was listed in 2012. The health-care provider sold shares in an initial public offering at 210 pence each compared with 3,688 pence in London on April 20.
It still has a long way to go before unseating the unrivaled king of Middle Eastern stocks: Saudi Basic Industries Corp.
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