The general assembly of National Shipping Company of Saudi Arabia (Bahri) agreed on Thursday to merge the fleets and operations of Bahri with Vela International Marine Limited, a subsidiary of Saudi Aramco.
The company said in a filing on Tadawul that the parties agreed on a cash payment of SAR 4.875 billion and to increase Bahri’s capital as follows:
|
Capital Increase (Million Saudi Riyal) |
|
|
Current Capital |
3150 |
|
Current Number of Shares |
315 |
|
Number of new issued shares |
78.75 |
|
Price of new shares (per share) |
SAR 22.25 |
|
The capital increase value (in face value) |
787.5 |
|
Capital after the increase |
3937.5 |
|
Number of shares after the capital increase |
393.75 million |
|
Capital increase (%) |
25% of issued shares before the capital increase. |
|
Deal Value |
The company pays SAR 4.875 billion for target assets through share issue and rest to be paid in cash. |
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