Saudi Finance Ministry lifts stake in Binladin Group to over 86% – report

The Ministry of Finance, Saudi Arabia has raised its stake in Binladin International Holding Group to 86.38%, according to state broadcaster Al-Arabiya. Al-Arabiya called the transaction a debt-conversion arrangement but did not reveal its financial terms. Reuters cited earlier reports saying the state previously owned 36% of the construction firm. The change comes after a move last year in October in which the National Debt Management Center arranged a syndicated loan of about SR23.3bn ($6.21bn), allo ...