Sunday, 4 November 2012

Troubled Saudi al-Mojil Group extends losses Asharq Alawsat

Saudi construction company Mohammed al-Mojil Group, due to hold an emergency meeting on Monday to discuss breaking up, on Saturday reported a third quarter loss of 33.8 million riyals ($9 million) as project revenue faltered.
The contractor said in September its liabilities exceeded its assets and shareholders were left with a deficit of 279.8 million riyals after it ran into problems on some large contracts.
Accumulated losses in September also exceeded 75 percent of MMG's capital, forcing it to call an emergency meeting to discuss whether the company should be dissolved. Trading in MMG stock was suspended earlier this year.

No comments:

Post a Comment