JEDDAH: In a statement received by Arab News, the Saudi Bin Laden Group Company (SBG) has asserted that it remains a private sector company owned by its shareholders.
SBG can also confirm that contracted work with the government, which remains a large part of its activities, are ongoing. This includes the projects currently operating in the two holy mosques and the Zamzam rehabilitation project, which began months ago and is expected to end before Ramadan 2018.
Based on information available to the management, some of the shareholders may have agreed a settlement that involves transferring some SBG shares to the goverment of Saudi Arabia against outstanding dues.
SBG sees this as a positive step and is currently restructuring its governance and executive management team to meet its commitment toward all stakeholders, according to the statement.
Restructuring efforts started two years ago with the objective of separating ownership from management in accordance with best governance standards.
To support those efforts, a supervisory committee was created. The committee is composed of five members, including three independent members – Dr. Abdulrehman Hamad Al-Harkan, Dr. Khaled Hamza Nahas and Khaled Mohammed Al-Khowaiter – and two members from the shareholders group, Yahia Mohammed Binladin and Abdullah Mohammed Binladin. The committee will restructure the group and empower the new executive management to lead the projects and overcome the current challenges, leading the company to be profitable again, the statement concludes.
Earlier unconfirmed reports issued by some media outlets have suggested that the Saudi government has taken over SBG, the kingdom’s construction giant which has worked on dozens of mega-projects throughout past decades.