MOIL announced that company’s ordinary general assembly approved the BOD suggestion to delay 2015 profits, which amounts to $ 7.378m, after allocating 5 per cent legal reserves of $388321.
Moreover, it approved ratifying contract terms and conditions signed with Abu Dhabi Islamic Bank-UAE and other banks to obtain credit facility and providing guarantees amounting up to $225m.
Another approved decision by BOD includes hiring Mohammed Kamal Abdel Azim to replace representative of Commercial International Bank at MOIL’s BOD Hazem Badran.
In addition, the company had announced earlier that its maritime constructions department won a new contract worth US$23m in United Arab Emirates to rent naval unit for five years starting from August 2015. The company extended rent contract of naval unit for two years to offer various navigation services for one of its customers in Egypt worth US$7m.
The total contracts signed from 2015 till 2019 by Maridive Company amounting to US$692m, the company said. As a result, the value of total contracts signed amounted to $480m.
Maridive works in sea constructions, support, services, maintenance and installment. It operates via its subsidiaries: Valentine Maritime, Maritide Offshore Oil Services and Ocean Marine Egypt.
