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Al-Mojil shareholders reject liquidation
- Saudi Arabia: Wednesday, November 07 - 2012 at 04:13
Saudi Arabia's Mohammed Al-Mojil Group (MMG) has said its shareholders have rejected the idea of liquidating the construction firm, which is burdened by heavy losses and debt, Reuters has reported. The company's recovery plan included asset sales, cutting bank debt and absorbing accumulated losses, it said after shareholders agreed to keep the firm running. Accumulated losses last September exceeded 75% of its capital, forcing the company to call an emergency meeting to discuss whether it should be dissolved. Trading in its shares was suspended earlier this year.
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