Wednesday, Nov 28, 2012
RIYADH (Zawya Dow Jones)--Saudi Arabia's Mohammad al-Mojil Group (1310.SA), or MMG, said Wednesday it has appointed Adel Al-Mojil as chairman of the new board of directors.
The board, which was elected earlier this month, also approved the setting up of an audit committee and a remuneration committee, MMG said in a statement posted on the Saudi bourse website.
The loss-making construction firm's shareholders earlier this month decided against liquidating the company and instead to focus on a recovery plan.
MMG in Wednesday's statement said that the board, after reviewing the steps taken for the recovery plan, has "expressed its satisfaction over the positive progress and development of the company projects, cost effectiveness and cash flow."
MMG shares remain suspended from trading since July 2012.
Write to Iman Dawoud at iman.dawoud@dowjones.com
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(END) Dow Jones Newswires
28-11-12 0734GMT
