“The acquisition of a minority stake in Construction Products Holding Co. (CPC) by Standard Chartered Private Equity through an equity investment of SR281.5 million ($75 million) is proving that Saudi Arabia is witnessing robust economic growth and the stability of Saudi economy attracts more foreign investments,” said Dr. Faysal Alaquil, Director of Business Development and Official spokesperson for CPC. CPC is a dynamic and reputable entity possessing a wealth of global experience in construction products serving elite clients. It is Saudi Arabia's largest manufacturer and provider of construction materials with over 30 state-of-the-art manufacturing facilities, providing up to 80 percent of the building materials required for mega construction projects throughout the Kingdom. “J.P. Morgan, was chosen to be the financial advisors of CPC, who have been serving clients in the Kingdom of Saudi Arabia for over three quarters of a century,” Alaquil added. CPC Chief Executive Officer Eng. Mu'taz Sawwaf said “we are very happy with this new partnership with Standard Chartered Bank and its top notch Private Equity group. CPC, being the industrial arm of the Saudi Binladen Group, is the largest integrated supplier of building materials in the Kingdom of Saudi Arabia and the Middle East. We look forward to Standard Chartered's partnership as we experience robust growth in our existing footprint and in new markets.” “This is the first investment of its kind for Standard Chartered in Saudi Arabia, the proceeds of this acquisition will be used for expansion of CPC's Industrial Parks,” Sawwaf added. Managing Director and Regional Head of MENA Private Equity at Standard Chartered Taimoor Labib said: “CPC is an exemplary blue chip company and we are delighted that they have chosen us as their long-term partner. They enjoy a dominant market share in the Saudi Arabian building materials construction market and are led by one of the strongest management teams in the Kingdom. The company has a long track record of growth and returns to shareholders and is well positioned to continue to be the leader in the Saudi Arabian market and also achieve its regional growth plans.”
