Al-Mojil Holders to Discuss Future After Loss, Eqtesadiyah Says

Mohammad Al-Mojil Group will call an extraordinary shareholders meeting to discuss its future after a loss, Al-Eqtesadiyah reported, citing a company statement posted yesterday on the Saudi exchange website.

Al-Mojil, which provides services to the construction industry, may announce in two weeks a second-quarter loss of 800 million Saudi riyals ($213 million), the newspaper said.

The company took provisions of 269 million riyals against several projects and made losses of 443 million on al-Munaifah refinery and King Abdullah Petroleum Studies and Research Center, Eqtesadiyah said.

Liabilities now exceed assets by 300 million riyals and the shareholders meeting will discuss the company’s possible liquidation, the newspaper said.

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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