Saudi Oger mulls sale of airport operator stake
The contractor has initiated talks to sell 16.7% stake in Tibah Airports Company, the outfit that operates the Madinah airport, to Turkish partner TAV
Contractor Saudi Oger is said to be considering the sale of its stake in the company that operates the kingdom's Madinah airport.
Citing Bloomberg, Arabian Business reported that the contractor is in talks with Turkish partner TAV to sell a 16.7% stake in Tibah Airports Company.
In a statement to the Istanbul bourse, TAV said its stake in the airport would increase from 33.3% to 50% should the deal be finalised.
Saudi Oger reportedly owns 33.3% of Tibah with Al Rajhi Group, according to Bloomberg.
The slowdown in Saudi Arabia's construction sector has deeply impacted Oger, which was last month reported to be in talks over its sale to the kingdom's government.
The contractor has also grappled with salary payments to its employees.