Subsequent sessions to provide details of organisational recapitalisation
Riyadh, Saudi Arabia: Binladin International Holding Group (BIHG) is scheduled to host an all-lender meeting via a webinar on Wednesday 31 March 2021. This meeting will be followed by a series of sessions over the coming days to cover detailed topics and the mechanics of the organisation’s ongoing transformation programme.
Following the all-lender webinar held at the end of last year, BIHG and its advisors have made considerable progress in advancing the transformation programme and recapitalisation proposal. An all-bank meeting will provide creditors with a full update on the status of BIHG’s progress across key dimensions of the businesses and its governance.
Commenting on the upcoming session, BIHG CEO, Khalid AlGwaiz, said, “It is the Group’s intention to ensure fair, transparent and equitable treatment of all stakeholders’ rights, while also positioning the business for significant opportunities ahead.”
A consortium of advisors, alongside lead advisor Houlihan Lokey, has been put in place to progress the operational turnaround and balance sheet recapitalisation. Ongoing engagement with our stakeholder community is expected as we advance the company towards substantial market opportunities.
It is important to note that BIHG operates in a market with substantial opportunities that would allow it to regain its market leadership post capitalisation. Those include the Giga and Mega development projects currently underway as well as the massive contracts award growth expected in the Kingdom.
BIHG was founded on a solid legacy, prized for its dedication to the delivery of large mega projects and strategically important assets in Saudi Arabia. Through a rigorous transformation programme, BIHG, owned partly by the KSA government, will emerge as an economic powerhouse and a national institution, fully committed to contributing to the realisation of the Saudi Vision 2030 and the National Transformation Programme.
The market opportunities explain the consistent support BIHG has received from its Sovereign, ensuring that the Kingdom continues to have a national champion for contracting and building suppliers benefit from the economic multiplier effect and contribute to the economic diversification and sustainability goals of Vision 2030.
About Binladin International Holding Group:
Established in March 2019, the Binladin International Holding Group (BIHG) guides the affairs of numerous subsidiaries across its portfolio, including the Saudi Binladin Group Limited (SBG) – Saudi Arabia’s largest construction company and one of the world’s largest contractors.
BIHG is 36.22% owned by Istidama, an investment arm of the Saudi Arabian Ministry of Finance. The remaining 63.78% is owned by the Binladin Company for Development and Commercial Investment. Rooted in the Binladin family’s 90-year legacy within the construction and contracting industry, BIHG was formed to navigate the family’s robust portfolio through a new era in Saudi Arabia’s history.