Al-Mojil’s halted shares won’t sell for more than SAR 2/per share, says spokesman

The halted shares of Saudi’s Mohammad Al-Mojil Group, which have been approved for over-the-counter trading, will not sell for more SAR 2 per share, said Shakbout Al-Dossary, the company spokesman. 

Al-Dossary, however, added that a large number of selling shareholders are offering SAR 8 per share.   

The Capital Market Authority’s decision to allow OTC trading of Al-Mojil’s suspended shares came at an “inappropriate” time, he said in an interview with Saudi television.

He added that there are those who want to buy the company's shares cheaply in order to bury the lawsuit brought up against officials responsible for causing Al-Mojil’s financial crisis.  

Saudi Arabia’s market authority had suspended Al-Mojil group’s shares since July 22, 2012 because the company had accumulated losses worth more than 50 percent of its capital, according to data available on Argaam. Last September, the authority said it would allow OTC trading of the group's suspended shares.