Middle-east Arab News Opinion | Asharq Al-awsat

Saudi's Mohammad Al Mojil to sue for over $100 million - ASHARQ AL-AWSAT English Archive
Select Page

KHOBAR, Saudi Arabia (Reuters) – Financially troubled Saudi Arabian construction company Mohammad Al Mojil Group (MMG) 1310.SE plans to start legal action to collect dues and claims worth more than 400 million riyals ($107 million), it said on Sunday.

The company said it would take legal action against the Saudi unit of Britain’s Petrofac , Saudi Binladin Group, and South Korea’s SK Engineering and Construction, an affiliate of SK Holdings.

MMG, which is restructuring its operations after being hit by heavy losses and accumulated debt, said in a bourse statement that the legal action was coming after “all available solutions and options were exhausted”.

It did not give details of the legal action. It added that it would take measures against other companies, but did not elaborate.

Officials at Saudi Binladin and the Saudi operations of Petrofac and SK Engineering were not immediately available to comment.

In November last year, shareholders in MMG rejected the idea of liquidating the company, which is involved in oil and gas projects, mainly for state oil company Saudi Aramco.

The company’s recovery plan includes asset sales, cutting bank debt and absorbing accumulated losses.

MMG is involved in building part of Aramco’s Wasit gas program, as well as the Aramco-Sinopec refinery in Yanbu, among others. It has branches in the United Arab Emirates.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube