CMA forms interim committee to manage Al-Mojil Group

Saudi Arabia’s Capital Market Authority (CMA) has formed an interim committee to manage Mohammad Al-Mojil Group (MMG) after the board’s resignation earlier this month, the regulator said in a statement.

The interim board will be authorized to call for a general assembly meeting to elect a new board of director within three months of Nov. 28, the official date of appointment.

The CMA board will consist of: Abdullah Bin Jasser Almadhy (Chairman), Mohammed Bin Rashed Alhazani (Vice Chairman), and Saleh bin Hamad Alshunaifi (Member).

The troubled contractor’s board resigned on Nov. 19 due to its inability to clear the current bottlenecks.

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