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Maridive says no deal reached with Al Subeai on subsidiary sale

Maridive says no deal reached with Al Subeai on subsidiary sale
Al Subeai offered to buy Maridive Offshore Projects for $48 million
Maridive
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Cairo - Mubasher: Maridive & Oil Services said that the initial talks for the sale of its subsidiary Maridive Offshore Projects to Al Subeai Investment Group have ended without reaching a satisfactory agreement, according to a bourse disclosure on Tuesday. 

In February, the board of directors of Maridive gave an initial nod for an acquisition offer for 100% of its subsidiary Maridive Offshore Projects for $48 million.

During the first quarter (Q1) of 2021, Maridive & Oil Services reported net losses of $19.8 million, down from $28.3 million in Q1-20.