Embattled contractor Saudi Binladin Group (SBG) has repaid a SAR1bn ($266.7mn) Islamic bond (SUKUK) that matured in late June, Reuters reports.
The payment came after a delay of several weeks and used money from a SAR 2.5bn loan the company secured from two local banks in May, banking sources told the newswire on Thursday.
Binladin has declined to comment on the company’s financial situation.
Saudi Arabias largest construction contractor has been going through a tough time due to a slump in construction activity in the kingdom amid lower oil prices.
The liquidity squeeze has forced SBG to lay off thousands of workers and delay a number of projects, according to reports.
Gulf bankers have said they believe the contractor owes as much as $30bn.