The private equity unit of U.K.-based Standard Chartered PLCis looking to sell its stake in Construction Products Holding Co., a unit of Saudi Binladin Group Ltd, Reuters reported May 28, citing three sources familiar with the matter.
The move comes as Saudi Binladin undergoes restructuring following government invention related to an anti-corruption push, Reuters reported. Given the lack of details surrounding the restructuring, Standard Chartered is uncomfortable with the uncertainty surrounding Construction Products, two of the sources told Reuters.
Neither Standard Chartered nor Construction Products responded to requests for comment, according to the report.
