AL-MOJIL GROUP ACCEPTS LOAN, HIRES FINANCIAL ADVISOR & APPOINTS BOARD MEMBERS

16/04/2012 Tadawul

Mohammad Al-Mojil Group Company (MMG) announces that its board of directors approved on Sunday, April 15, 2012 the following resolutions: 
 

1.To accept the offer of subordinated loan worth 100 million provided by Al-Mojil Investment Ltd. with no interest or any other fee and which does not have a priority over the financial commitments and loans of MMG toward banks and suppliers. This loan will support company operations and strengthen its cash flow. 
 

2.Setting up of a steering committee that will help and support the executive management in restructuring of the company. The committee will consist of board members and independent experts from outside with vast experience in this field. 
 

3.Appointment of one of the local banks as its financial advisor that will lead and support the company in its debt restructuring and coordination with the banks. 
 

4.Appointment of Dr. Abdullah E. Al-Dabbagh and Osama Asad as board members. The membership will last till the term of the present board which ends in 2013 and will be presented to the upcoming General Meeting for approval. 
Dr. Abdullah Al-Dabbagh carries with him vast experience in working on top executive positions. He was CEO of Maaden, a post that he recently relinquished. However, he continues to be the board member of Maaden as well as chairman of Maaden Phosphate. 
 

Mr. Osama Asad has 15 years of experience in the banking and investment sectors. He has provided consultations to several companies in the Kingdom and abroad. 
 
 

MMG board hopes that these measures will add value to the MMG future and strengthened the companys position which will eventually reflect on the interest of stakeholders.

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