Al Mojil cancels memo of understanding on strategic partnership with FAS

Mohammad Al Mojil Group Company, an off-shore oil and gas contractor, has cancelled a memo of understanding with Saudi Fas Holding (FAS), as FAS did not want to meet its obligations under the memo.

The cancellation has no financial impact, al-Mojil said in a statement to the Saudi bourse, Tadawul.

On June 19, 2014, Mojil signed the memo of understanding with FAS to become a strategic partner and inject cash in the company’s capital. Riyadh-based FAS is a limited liability company, privately owned by Fawaz, Salman and Abulmajil al-Hokair

On June 22, 2012, the Saudi Capital Market Authority suspended trading in al-Mojil after losses reached SAR 280 million.