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FINANCIAL NEWS
Saudi MMG secures USD120m solvency support
02 Jul 2012
(MENAFN) Saudi construction firm Mohammad Al Mojil Group (MMG) inked a USD120 million credit facility to help strengthen its balance sheet, Reuters reported.
The company said in a statement on Saudi Stock Exchange (Tadawul) it will use the cash to support its solvency and fund its projects. The loan will be provided by seven lenders, the statement added.
The announcement came six weeks after MMG appointed PricewaterhouseCoopers to advise it on its financial performance and its CEO quit.
MMG reported 31 percent decline in first quarter profits to USD6 million from a year earlier in 2011.
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BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
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