Saudi contractor Mohammad Al Mojil Group (MMG) said on Monday it had appointed the investment banking arm of Gulf International Bank to advise it on a restructuring of its debts.

No value of the amount of debt being restructured was given in the statement, released to the Saudi stock exchange.

MMG Group has been in financial difficulty for some time, with shareholders rejecting a plan to liquidate the company in November after its accumulated losses exceeded 75 percent of its capital at the end of the third quarter.

The group replaced its chief executive and appointed PricewaterhouseCoopers to undertake a financial performance review last May aimed at raising efficiency and reducing expenses. – Reuters