Official: Al-Mojil has offer to sell its marine sector for SAR 500 mln

Al-Mojil Group received a proposal to sell its marine services sector for around SAR 500 million, independent board member Sulaiman Al-Samahi told Al-Arabiya TV.

The group assigned valuation experts to appraise the sector, said Al-Samahi, adding that the Arab National Bank (ANB) had offered SAR 170 million to buy the sector, but the company deemed the offer far below market value estimated at SAR 550 million.

Al-Samahi said the group will offload some assets to execute a sought-after financial restructuring, adding that local banks have not lent support, which adversely affected the company’s business.