MMG announces loans of $120m to maintain solvency
By
Posted on
Construction and petrochemical firm made a net loss of $225m in 2011
Saudi Arabia’s Mohammed al Mojil Group (MMG) announced on Sunday that it had arranged loans worth a total of $120m from seven Saudi Arabian banks as it tries to maintain solvency as it undergoes restructuring.
The loans are to come from SABB, NCB, Arab, Samba, Riyad, Al Jazeera and Saudi Fransi banks, the company said.
In a statement to the Saudi stock exchange, the construction and petrochemical firm said that the loans would “support the solvency of the company and its operations.”
In 2011, MMG made a net loss of $255.8m, compared to a loss of $47.8m in the previous year, Zawya Dow Jones said in a report.
