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Troubled Saudi contractor MMG inks $120 million loan
Saudi construction firm Mohammad Al Mojil Group (MMG) signed a 450 million riyals ($120 million) loan to help support its balance sheet, it said in a statement on Sunday.
July 1, 2012 5:15 by Reuters
The loan will “support the solvency of the company and its operations,” a statement to the Saudi stock exchange said. It comes six weeks after MMG appointed PricewaterhouseCoopers to advise it on its financial performance and its chief executive resigned.
Seven banks will provide the loan, which will run until the end of 2013, the statement said.
The banks were Arab National Bank, Bank Al Jazira , Banque Saudi Fransi, National Commercial Bank, Riyad Bank, SABB and Samba Financial Group.
The group’s first-quarter net profits fell by 31 percent from the same period in 2011 to 22.5 million riyals, it said in April. It had a fourth quarter loss of 1.03 billion riyals.