Saudi Arabia’s biggest construction company overhauled its top management, delaying plans to appoint an adviser for a proposed $15 billion debt restructuring, reported Bloomberg.
Saudi Binladin Group’s previous chairman and managing director left within months of being appointed. The construction giant also named four new directors to its board this week.
The builder had shortlisted Moelis & Co. and Rothschild & Co. to advise on the debt restructuring.
The government took a stake of about 36 per cent in the company from the Binladin family last year to settle allegations of corruption that came after Bakr Binladin was swept up in a so-called corruption crackdown in November 2017.
Abdulaziz Al Duailej joined as Chairman in September 2019, replacing Khalid Nahas, who had been appointed Chairman in March 2019 as part of a settlement agreement with the government to reduce the family’s influence on the company’s board.
A process is underway to replace the former Managing Director, Abdullah Mohammed Nour Al Rehaimi, who recently resigned after being hired in September 2019.