Sources have told Reuters the debt amounts to $20-$30bn
Saudi Binladin Group is said to be seeking a financial advisor for a restructuring of the group’s debt, which is calculated at between $20 and $30 billion, according to media reports.
Saudi Arabia’s government took roughly a one-third stake in the construction company – which is considered vital for the kingdom’s infrastructure projects – after several family members were caught up in an anti-corruption campaign in 2017.
According to a Reuters report, five sources familiar with the matter have said that Binladen Group has sent a request for proposal to select international advisors to reorganise the entire group’s debt.
Two of the sources told Reuters that the debt amounted to $20 billion to $30 billion.
Binladin is now 36.22 percent owned by Istidama, a subsidiary of the Saudi Finance Ministry, and 63.78 percent by Binladin Company for Development and Commercial Investment.
Currently, only two Bin Laden brothers are represented on the firm’s nine-person board, a stark contrast to the family’s earlier control before brothers Baker, Saleh and Saad were detained by Saudi authorities.