Standard Chartered’s private equity arm plans exit from Saudi Binladin unit: report

Standard Chartered’s private equity arm is planning to sell its stake in a unit of Saudi Binladin Group, Reuters reported, citing sources familiar with the matter.

Construction Products Holding’s (CPC) parent company Binladin is undergoing a restructuring which will likely affect its hundreds of units, after the government took a stake in the conglomerate and formed a committee to oversee its management, the report added.

Standard Chartered was “not comfortable with uncertainty over what the shake-up could mean for CPC, which specializes in building materials and services, in the absence of specific details about the restructuring”, sources told the news agency.

Standard Chartered private equity bought a minority stake in CPC for $75 million in 2011, its first investment in Saudi Arabia. It has operations in countries including Saudi Arabia and Egypt.