The Saudi government’s stake in construction conglomerate Binladin Group will reportedly more than double after shareholders approved a debt conversion deal.
Saudi Arabia takes control of BinLadin Group
Reuters
Following an extraordinary general meeting held on Sunday, the finance ministry’s stake will increase to 86 percent from 36 percent, Asharq News reported.
State-backed Al Istedamah Holding owns the stake. Binladin Group is a private company owned by the Bin Ladin family since its founding in the 1930s.
The new ownership structure is expected to strengthen Binladin International’s financials and support its expansion plans.
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