JEDDAH – The Saudi Capital Market Authority (CMA) has suspended trading in shares of troubled Saudi construction firm Mohammad Al Mojil Group (MMG) after it failed to announce its second-quarter results on time, the CMA said Sunday. "Given the lack of commitment by MMG in announcing their second quarter results during the specified period...the Capital Market Authority announces the suspension of trading of MMG shares in Tadawul starting from Sunday, 22 July," said the statement, posted on the Tadawul bourse. On Saturday, MMG announced a delay in publishing its second-quarter financial statements. "The company has appointed new external auditors who needed additional time to prepare the financial statement. The company will announce its second quarter results once the report is finalized by the new auditors," it said without elaborating. At the start of this month, MMG signed a SR450 million ($120 million) loan with banks to help support its balance sheet. The move came six weeks after its chief executive resigned and the firm hired PriceWaterhouseCoopers to advise it on its financial performance. MMG recently signed a SR450 million ($120 million) loan to help support its balance sheet. The loan will “support the solvency of the company and its operations," a statement to the Saudi stock exchange said. It comes six weeks after MMG appointed PricewaterhouseCoopers to advise it on its financial performance and its chief executive resigned. Seven banks will provide the loan, which will run until the end of 2013, the statement said. – ReutersThe banks were Arab National Bank, Bank Al Jazira , Banque Saudi Fransi, National Commercial Bank, Riyad Bank, SABB and Samba Financial Group. The group's first-quarter net profits fell by 31 percent from the same period in 2011 to SR22.5 million, it said in April. It had a fourth quarter loss of SR1.03 billion. – Reuters
