Al Mojil Group’s shareholders demand CMA and banks to help restructure the company

Shareholders of Mohammad Al Mojil Group Company, an off-shore oil and gas contractor which is suspended from trading, asked the Saudi Capital Market Authority, local banks and the commerce and trade ministry to help the troubled company restructure to be able to resume trading, according to  Riyadh newspaper.

The investors complained about the company’s decision to sell its off-shore unit for SAR 200 million.

The company’s accumulated losses reached SAR2.7 billion by the end of August, or 215 percent of its capital, according to Argaam.

The company announced this month that two of its board members had resigned in protest against the financial and operational situation of the company.