Al-Mojil’s accepts CEO resignation and takes correctional measures

Mohammad Al-Mojil Group (MMG) announces that its board of directors (on May 19, 2012) took the following actions with aim to enhance the company’s operational efficiency and financial performance:

1. Accepted the resignation of Eng. Ibrahim Zada from his position as chief executive officer, passing on his responsibilities to a deputy for a period of no longer than three months.
2. Assigned the Steering Committee to work with Pricewaterhousecoopers as independent consultants for the board on the following tasks:

1. Preparing an independent, comprehensive review of the company’s activities, business, projects, financial position and cash flows.
2. Reviewing company’s performance for helping raise the efficiency and cut costs.
3. Representing the board in relevant matters.

The board will continue its meetings as needed to ensure a close follow-up with its committees, executive administration and consultants to reach tangible results on company’s performance.

Further developments will be announced in due course.