The future of the Saudi industrial construction company Mohammad Al-Mojil Group (MMG) could be decided at an extraordinary general meeting (EGM) soon.
In a statement made to the Saudi stock exchange, MMG announced it was preparing to call an EGM to discuss its future after making an anticipated 800 million Saudi riyals (Dh783.5m) loss in the second quarter. MMG said the expected losses would lead the company to record accumulated losses of an unprecedented 1.5 billion riyals, exceeding its total capital of 1.25bn riyals and triggering rules requiring an EGM to discuss winding the company up.
According to the company, its liabilities stood at 2.64bn riyals at the end of June. Liabilities worth a total of 2.32bn riyals fall due within the next 12 months.
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