StanChart invests in Saudi Arabia
Nick Clark is the arts correspondent of The Independent. He joined the newspaper in June 2007, initially reporting on the stock markets. He has covered beats including the City, and technology, media and telecoms and made the switch to arts in December 2011. He has also contributed articles to the sports section.
Tuesday 09 August 2011
The private equity arm of financial services group Standard Chartered has secured a stake in a Saudi construction company in a deal worth $75m.
The UK-listed bank revealed its buyout arm had taken a minority stake in Construction Product Holding Company, a subsidiary of Bin Laden Group.
Taimoor Labib, head of Middle East and North Africa private equity for Standard Chartered, said: "The company has a long track record of growth and returns to shareholders and is well positioned to continue to be the leader in the Saudi Arabian market and also achieve its regional growth plans." The move will see Standard Chartered take a seat on the board and will advise on the company's capital structure and its expansion plans.
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