Finance Ministry acquires 86% of Bin Laden shares in exchange for debt settlement #Urgent
The Extraordinary General Assembly of the Binladin International Holding Group approved the capital increase through debt transfer, noting that part of the Ministry of Finance’s debt will be settled by issuing new shares for the Ministry.
According to the shareholders’ decision, the Ministry of Finance will own an 86% stake in the Binladin International Holding Group.
The company confirmed that the new ownership structure will open new horizons for growth and expansion and will improve the financial position.
It added that the company will continue to work. To implement a comprehensive transformation program with the aim of raising the company’s position through restructuring and improving governance.
The Ministry of Finance had announced at the end of June last year that it had taken a number of measures to support the Binladin Group with the aim of stabilizing its financial structure, through a set of arrangements to pay the banks’ cash dues.
The measures included: lending to the group and considering increasing the government’s share in it.
The Ministry confirmed at the time that the group’s support comes as a continuation of the government support that the building and construction sector received. During the past period, what has promoted the completion of vital projects and the creation of attractive investment opportunities in the sector is to achieve Saudi Vision 2030.
At the end of October last year, the National Debt Management Center announced the completion of arranging a syndicated loan for the Ministry of Finance with a number of local and international banks amounting to 23.3 billion riyals, in implementation of the Ministry of Finance’s pledge to assist the Binladin Group.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
