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Maridive's board accepts $48m acquisition offer for subsidiary

Maridive's board accepts $48m acquisition offer for subsidiary
The company earlier received an acquisition offer from Al Subeai Investment Group
Maridive
MOIL
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Cairo – Mubasher: The board of directors of Maridive and Oil Services approved an acquisition offer for 100% of its subsidiary Maridive Offshore Projects for $48 million.

The board also accepted the resignation of Mohamed Osman from his position as the deputy CEO and manager of Maridive Abu Dhabi, the company said in a bourse disclosure on Monday.

In addition, the retirement of Ashraf Amin Hilal from his position as the chief financial officer (CFO) at Maridive Abu Dhabi has been accepted.

The board also approved the appointment of Ehab Geneid as the manager of Maridive Abu Dhabi and Amr Abdel Latif as the CFO at Maridive Abu Dhabi.

Earlier, the company said it received a binding offer from Al Subeai Investment Group for the acquisition of its 99.98%-owned subsidiary Maridive Offshore Projects for $48 million.

During the first nine months of 2020, Maridive suffered net losses of $92.67 million, compared to $22.225 million in the corresponding period a year earlier.