Auction notice placed on Al Mojil’s warehouse

Further to a legal directive issued on Dec. 22, 2016 to Mohammad Al Mojil Group (MMG) to auction 21 percent of its fixed assets, the auctioneers assigned by a Dammam court has placed an auction notice on the gate of MMG’s compound and warehouse, the company said in a statement to Tadawul on Monday.

The sign stated that the previously seized movable assets will be sold at an auction, the statement added.

MMG said it has not yet been made aware who would be the beneficiaries of the cash collections. The company said it “believes that it would take some days to calculate the financial values of all movable items present in the site, and estimate their impact on the financial statements (as a result of auction).”