Cairo – Mubasher: Maridive and Oil Services is currently in negotiations with some creditor banks to restructure outstanding loans provided to the company in line with its current and future liquidity position.
Exiting operations in Venezuela to comply with the US sanctions against the South American country has weighed down on the company’s liquidity position, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
Moreover, the company’s cash inflows were also negatively impacted by delays in payments from some customers.
The company expects to finalize the negotiations in March.
It is noteworthy that during the first nine months of 2019, Maridive suffered net losses of $22.22 million, against net profits of $18.28 million in the year-ago period, including minority shareholders’ rights.