MMG share trading suspended over delayed Q2 statements
CMA blames ‘lack of commitment by MMG’ in announcing Q2 results as reason for suspension
Trading in shares of Saudi-based Mohammad Al Mojil Group (MMG) has been suspended by the Kingdom’s market regulator, after the troubled construction firm failed to release its second-quarter results on time.
MMG said last Saturday it would delay disclosing its second-quarter financial results and that new external auditors have been appointed,who needed additional time to prepare the financial statement.
“Given the lack of commitment by MMG in announcing their second quarter results during the specified period, the Capital Market Authority (CMA) announces the suspension of trading of MMG shares in Tadawul starting from Sunday, July 22,” the CMA said.
Earlier this month, Reuters said MMG secured a $120m loan to help support its balance sheet, six weeks after its chief executive resigned and PriceWaterhouseCoopers were hired to advise on its financial performance.
