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Al Mojil sells marine services division for SAR 200 mln

Al Mojil sells marine services division for SAR 200 mln
Mohammad Al Mojil Group announced selling the marine services division (MSD) at a total value of SAR 200 million.
The agreement was signed Jena Marine on August 17, 2014, but it is subject to Saudi Aramco’s approval on the novation assignment of the contract, which is currently under process and expected eminently.
The MSD was sold together with its assets and crew, the company added.
The sale of the marine division is a principal component of an asset sale program established as part of MMGs restructuring plan agreed with its lenders group and approved by shareholders in extraordinary general meeting in November 2012, the company said.
The proceeds from the sale will be used to repay short-term facilities granted by MMGs lenders in 2012, the repayment of which was due in 2013 but was extended pending receipt of these