Tuesday, Nov 29, 2011
RIYADH (Zawya Dow Jones)--Mohammad Al Mojil Group, or MMG, a Saudi construction firm, said Tuesday it canceled a planned joint venture with Al Rushaid Petroleum Investment Co., a Saudi oilfield-support company.
The two companies had agreed in May 2010 to establish a joint venture for making, supplying and setting up storage tanks, MMG said in a statement posted on the Saudi bourse website. Both companies concurred in canceling the venture, according to today's statement.
The MMG statement gave no reason for the cancellation. The termination won't have any impact on MMG's year-end financial statement, the company said.
MMG said earlier this month its board of directors had approved the appointment of Ebrahim Zadeh as new chief executive officer and president effective from Nov. 19.
The company's shares closed down 0.3% at 19.50 Saudi riyals ($5.2).
-By Ellen Knickmeyer, Dow Jones Newswires, +971 55 1093359, ellen.knickmeyer@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
29-11-11 1411GMT
