Standard Chartered's private equity arm is scouting for more deals in Saudi Arabia after buying a minority stake in a Saudi Binladin Group unit for $75 million, its regional private equity head said on Monday.
The investment in Construction Products Holding Co (CPC), the lender's first private equity deal in the Saudi market, will give it a board seat on CPC, the kingdom's largest manufacturer and provider of building materials.
OPEC member Saudi Arabia is seen as an attractive market by large international private equity firms. Carlyle said in April it expects to complete a deal in the kingdom by the end of the year. Another U.S. firm KKR received a license from the regulator to conduct business in Saudi Arabia in June.
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