MMG backs new CMA regulations

09/12/2013 09:05 AST

Mohammed Al Mojil Group (MMG) welcomes the new Capital Market Authority (CMA) regulations (Procedures and Instructions for Listed Companies with Accumulated Losses of 50 percent or more of Share Capital) that provides a roadmap for distressed listed companies to correct their financial position and have their stocks reinstated on the Saudi Stock Market (Tadawul).

MMG CEO Stewart Macphail said “MMG welcomes the new regulations as they clearly set out what we need to achieve to allow the company be re-traded on Tadawul.”

He added “over the past three quarters MMG has stabilized its financial performance with the support of its staff, suppliers, customers and lenders. The company will comply with the newly published requirements and seek to have its suspension removed as soon as possible.”


Saudi Gazette

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