Entire Al Mojil board resigns over bottlenecks

The entire board of troubled Saudi contractor Mohammad Al Mojil Group (MMG) resigned on November 19, 2016, due to its inability to clear the current bottlenecks.

The resignation will be effective as of November 21, 2016, the company said in a statement on Saudi bourse, Tadawul.

Al Mojil Group has failed to update the company’s data pertaining to the new board members on the commercial registry, and it was not authorized to refute the court allegations.

Also, the court’s rulings have prevented the board from proceeding with its corporate plans, and it was not empowered to unfreeze the company’s bank accounts, due to the accumulated non-performing loans.

In September, Al-Mojil Group’s board elected Shakhbout Al-Hanabjah as the new chairman of the board, and appointed Amjad Al-Badrah as deputy chairman, data compiled on Argaam showed.

MMG has not traded on the Saudi bourse since July 2012, when the Capital Market Authority (CMA) suspended its shares over its losses after it over-extended itself trying to take advantage of a construction boom in the kingdom.