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FINANCIAL NEWS
Saudi Binladin postpones USD266m payment
17 Jul 2016
(MENAFN) Saudi Binladin Group, a top contracting giant, has repaid USD266.7 million) Islamic bond that matured in late June amid pressure on the troubled firm.
In detail, the payment came after weeks of delay and used money from a USD665 million loan the company secured from two local banks over May, the banking sources said.
Moreover, commercial bankers have stated they believe the multinational construction conglomerate owes local and international banks a total of nearly USD30 billion.
It’s worth mentioning that Binladin’s liquidity has been fallen for months as a result of a general slump in construction, and after the government cut spending and delayed payments.
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