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2018-01-15 Arabia
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Saudi Binladin Group denies govt takeover after chief detained
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[DAWN] Saudi construction giant Binladin Group denied on Saturday any state takeover after its chairman was detained, but said some shares may have been transferred to the government.
The firm, which has been forced to lay off tens of thousands of workers due to financial problems, said it remained a private shareholding company and was undergoing restructuring.
International media this week reported Saudi Arabia's government had taken over the firm after chairman Bakr bin Laden was detained. The Saudi Binladin Group “would like to confirm that it remains a private sector company owned by its shareholders”, it said in a statement.
But some company shares may have been transferred to the government in a settlement of “outstanding dues”, it added, without providing any details on the size of any such shares.
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Posted by Fred 2018-01-15 00:00||
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File under: Govt of Saudi Arabia
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