JEDDAH — Saudi construction company Mohammed Al-Mojil Group, due to hold an emergency meeting Monday to discuss breaking up, Saturday reported a third quarter loss of 33.8 million riyals ($9 million) as project revenue faltered. The contractor said in September its liabilities exceeded its assets and shareholders were left with a deficit of SR279.8 million after it ran into problems on some large contracts. Accumulated losses in September also exceeded 75 percent of MMG's capital, forcing it to call an emergency meeting to discuss whether the company should be dissolved. Trading in MMG stock was suspended earlier this year. The company's construction of the Manifa natural gas development for Saudi Aramco generated a loss of SR355.2 million in the first nine months of 2012. Cost of borrowing had also risen by SR10.9 million, it added. — SG/Reuters
