Govt said to take 35% stake in Binladin Group: report

The Saudi government is expected to take a 35 percent stake in construction giant Saudi Binladin Group (SBG) as part of a financial settlement with state authorities, Reuters reported on Thursday, citing sources familiar with the matter.

The stake represents the shares owned by chairman Bakr Binladin and his brothers Saleh and Saad, all of whom were detained in an anti-graft crackdown in November alongside a number of other businessmen, princes and officials, sources said.

The company had previously announced that some shareholders might transfer part of their holdings to the state against outstanding dues.