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Saudi Arabia’s MMG signs $120m loan to support solvency

Mohammad Al Mojil Group (MMG), a Saudi construction company, has secured a SR450m ($120m) loan to 'support the solvency of the company and its operations,' Reuters has reported. The group's first-quarter net profits fell by 31% from the same period in 2011 to SR22.5m, it said in April. It suffered a fourth-quarter loss of SR1.03bn.