Maridive and Oil Services to expand in Saudi Arabia

Updated 3/22/2022 9:25:14 AM

ArabFinance: Maridive and Oil Services’ (MOIL) board of directors has approved opening a new branch of the company in Saudi Arabia, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

The opening of the new branch is pending the approval of General Authority of Investment and Free Zones (GAFI).

Maridive’s board also approved changes to Articles 5 and 6 of the Articles of Association. Accordingly, the company’s authorized capital was decreased to $940.511 million from $1 billion.

Maridive Group is an Egypt-based company engaged in the provision of offshore marine and oil support services in the Middle East and North Africa Region.