ArabianBusiness.com - Middle East Business News
Saturday, 21 November 2009 16:30 UAE time

YOUR DIRECTORY /

| Share |

Al-Tuwairqi said to hire HSBC for debt restructuring

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 24 June 2009
AL-TUWAIRQI GROUP: HSBC said to have been hired to help restructure Saudi steelmaker's bank loans. (Getty Images)
AL-TUWAIRQI GROUP: HSBC said to have been hired to help restructure Saudi steelmaker's bank loans. (Getty Images)

HSBC Holdings, Europe’s biggest bank, has been hired by Saudi steelmaker Al-Tuwairqi Group to oversee a restructuring of its bank loans after the firm was hurt by falling prices, a person familiar with the situation has said.

The Dammam-based closely held company is restructuring as much as 7 billion riyals ($1.9 billion) in debt, the person added. The same source declined to be identified because the transaction hasn’t been made public, according to news agency Bloomberg.

The loans are from National Commercial Bank, the largest Saudi bank by assets, Samba Financial Group, al-Rajhi Bank and Saudi Hollandi Bank, as well as Standard Chartered Plc and National Bank of Kuwait, al-Watan newspaper reported earlier this month, citing Khalid bin Hilal al-Tuwairqi, the company’s deputy chairman.

Al-Tuwairqi operates Thamesteel Ltd. in the UK, where it makes metal bars, and has worked with Saudi Basic Industries Corp., the world’s largest chemical maker, and Saudi Aramco on projects in Saudi Arabia, according to the steelmaker’s Web site. It also owns a steel plant in Pakistan.

advertisement

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST CONSTRUCTION & INDUSTRY

  1. Dubai's Drake buys into German firm, eyes more
  2. 38% construction execs work more than 50 hours
  3. Damac issues construction tender for Egypt project
  4. Qatar house prices set to fall 15% next year
  5. Saudi's Tanmiyat eyes projects outside GCC region

TOP MIDDLE EAST BUSINESS STORIES

  1. Qatar to sign $25bn mega railway deal on Sunday - report
  2. Dubai's Abraaj eyes property investments
  3. UAE bags communication award
  4. Dubai replaces head of DIFC
  5. UAE nuclear deal seen in next few weeks

ALSO IN MIDDLE EAST CONSTRUCTION & INDUSTRY

  1. Is Dubai ready for PPPs?
  2. High power
  3. The future face of construction
  4. The role of the project controller
  5. Key points while entering into a joint venture in the Middle East

LATEST MIDDLE EAST BUSINESS NEWS

  1. Banking & Finance: Dubai's Abraaj eyes property investments
  2. Banking & Finance: Emirates NBD launches bank’s new brand identity
  3. Transportation: Abu Dhabi Int’l Airport records 7% growth in Oct
  4. Retail: RTA to lease out last batch of retail outlets available on Red Line
  5. Transportation: Qatar to sign $25bn mega railway deal on Sunday - report

SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

NBK.KSE

Last Price:

1,060.00

+40.00+3.92%

19 Nov 2009 09:28 GMT
(Market Closed)

RELATED STORIES

Al-Tuwairqi Group
| 2 stories
  1. Saudi prepares to lift ban on steel export in two months
    25 May '09 | News
National Bank of Kuwait (NBK)
| 112 stories
  1. Kuwait's population stable as expats hit by job losses
    15 Nov '09 | News
  2. National Bank of Kuwait posts 10% rise in Q3 profit
    20 Oct '09 | News
  3. UAE could lag GCC economic recovery - NBK
    14 Oct '09 | News
National Commercial Bank
| 33 stories
  1. National Commercial Bank launches online banking
    17 Oct '09 | News
  2. Saudi Mobily refinances SR1.5bn Islamic loan
    11 Oct '09 | News
  3. Saudi banks profits 6.2% in Jul-Aug - cbank
    5 Oct '09 | News
Saudi Basic Industries Corporation (SABIC)
| 169 stories
  1. SABIC unit signs deal for Saudi steel plant
    16 Nov '09 | News
  2. Saudi shares end higher on banks, telcos
    14 Nov '09 | News
  3. Petchems help Saudi end higher
    7 Nov '09 | News
Saudi Hollandi Bank
| 15 stories
  1. Saudi Hollandi Bank posts 51% fall in Q3 profits
    17 Oct '09 | News
  2. Rothschild busiest in Mideast M&A - study
    29 Sep '09 | News
Standard Chartered Bank, United Kingdom
| 16 stories
  1. Qatar Airways agrees $700m deal to finance planes
    29 Sep '09 | News
  2. UAE cbank rejigs interbank rate panel to spur lending
    26 Aug '09 | News
  3. Abu Dhabi power project said close to $1.1bn loan
    17 Aug '09 | News

RELATED LINKS

  1. National Bank of Kuwait (NBK)»
  2. National Commercial Bank»
  3. Saudi Basic Industries Corporation (SABIC)»
Related links open in a new window and are not endorsed by ArabianBusiness.com.

 EMAIL ALERTS

  1. Al-Tuwairqi Group

  2. National Bank of Kuwait (NBK)

  3. National Commercial Bank

  4. Saudi Basic Industries Corporation (SABIC)

  5. Saudi Hollandi Bank

  6. Standard Chartered Bank, United Kingdom

  7. Construction & Industry


CURRENCY CONVERTOR

Tell us your story

UPCOMING ISSUE


 

READER COMMENTS

  1. Somali pirates free UAE-owned cargo ship 02
    21 Nov ' 09 at 07:58
    In the old days pirate ships were blown out of the water as soon as spotted.Now they have to wait until they attack a ship and then...   More  »
  2. RTA to lease out last batch of retail outlets available on Red Line 01
    21 Nov ' 09 at 14:10
    What happened of Last Minute and their 28 outlets - one on each station?   More  »
  3. Dubai plans start-up help for expat entrepreneurs 01
    21 Nov ' 09 at 11:37
    this is great news really makes sense, especially since Small & Medium Enterprises actually make UAE. I sincerely hope that this is...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM

JOBS

SPECIAL REPORTS

SURVEYS & REPORTS

PROPERTY