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FINANCIAL NEWS
Saudi CMA stops trading in MMG shares on Q2 disclosure delay
23 Jul 2012
(MENAFN) Trading in shares of struggling Mohammad Al Mojil Group (MMG) was halted by the Saudi Capital Market Authority (CMA), after the construction firm failed to announce its second-quarter results on time, Reuters reported.
MMG said in a statement that it has appointed new external auditors who needed additional time to prepare the financial statement.
The company added that it will announce its second quarter results once the report is finalized by the new auditors.
Earlier this month, MMG received USD120 million loan to help support its balance sheet.
Six weeks earlier, MMG’s CEO has quit and the firm hired PriceWaterhouseCoopers to advise it on its financial performance.
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