Al-Mojil sells marine sector for SAR 200 million

Al-Mojil Group said it signed on August 17 an agreement to sell its marine services division to Jana Marine Services Company for around SAR 200 million.

The deal involves a waiver of the division’s assets including several ships, support equipment and machinery, along with the crew, a filing to Tadawul said.

The sale is part of the company’s restructuring plan, and the proceeds will be used to settle a short-term debt outstanding to banks since 2013, the company said.