Simeon Kerr in Dubai and Ahmed Al Omran in Riyadh
The Saudi Binladin construction group said some shareholders may have handed over stakes in the company as the kingdom’s anti-corruption drive starts to take assets claimed by the government.
The Jeddah-based company said over the weekend that it remained a “private sector company owned by its shareholders”. Its government contracts, which make up the majority of its business, continue to be fulfilled, it added, including projects at the Grand Mosque in Mecca.
“Based on information available to management, some of the shareholders may have agreed a settlement that involves transferring some [Saudi Binladin Group] shares to the government of …
Read the full article at: http://www.afr.com/news/world/middle-east/saudi-binladin-group-hands-shares-to-state-in-anticorruption-deal-20180115-h0ibbi