Kingdom Holding’s loan to buy BSF stake put on hold: report

22/11/2017 Argaam

 

Kingdom Holding Co.’s plan to secure $1 billion in financing to buy a stake in Banque Saudi Fransi (BSF) is on hold, after its owner Prince Alwaleed bin Talal was detained in Saudi Arabia’s corruption purge, Bloomberg reported, citing unnamed sources.

 

The Tadawul-listed company had been in talks with local and international banks since last month for the loans, sources said.

 

However, lenders are now concerned about the uncertainty surrounding Kingdom Holding after the prince’s arrest.

 

In September, Kingdom Holding bought a 16.2 percent holding in BSF from Credit Agricole SA.

 

Under the agreement, the stake was to be acquired at a price of SAR 29.5 per share for a total value of SAR 5.76 billion.

 

Prince Alwaleed was among several high-ranking officials and businessmen detained in Saudi Arabia this month as part of a sweeping crackdown against corruption. 

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