Wednesday, Jun 06, 2012
(This story was originally published Tuesday.)
RIYADH (Zawya Dow Jones)--Saudi construction firm Mohammad al Mojil Group, or MMG (1310 SA), has hired a financial specialist from the United Kingdom as acting chief executive officer as the company restructures, MMG said Tuesday.
In a board meeting Monday, MMG directors appointed Stewart Macphail as acting CEO, citing his experience in restructuring, the company said in a statement carried on the website of the Saudi stock exchange.
Macphail previously was a managing partner for Consilia Partners, a private-equity firm specializing in turnarounds, in the Middle East and North Africa, and chief executive of card services at GE Capital in the United Kingdom.
MMG does public works and other heavy construction, including oil platforms. The company reported a $90 million loss for 2011 and cited cost overruns in labor, equipment and sub-contracts on ongoing projects.
Former MMG chief executive Ibrahim Zadeh resigned last month. MMG's board said then it was appointing independent consultants PricewaterhouseCoopers to review the company's projects and finances.
The company since has met with local banks to coordinate restructuring, Tuesday's statement said.
MMG shares closed Monday -3% at SAR13.20.
-By Ellen Knickmeyer, Dow Jones Newswires, +971 55 1093359, ellen.knickmeyer@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
06-06-12 0332GMT
