Bahri raises its capital through the issuance of 78.75m shares to Aramco

The National Shipping Company of Saudi Arabia has completed the legal procedures to raise its capital from SAR 3150m to SAR 3973.5m.

The capital raise is to take place through the issuance of 78.75m new shares to be deposited in the investment portfolio account of Saudi Aramco Development Company, a subsidiary fully owned by Saudi Aramco.

According to Argaam’s data; Bahri’s GA has approved a fleet and operations’ merger agreement with ARAMCO’s Affiliate, Vela International Marine Company in June.

According to the agreement; Bahri is to make a cash payment of SAR 4875m to Vela in addition to 78.75m new shares of Bahri.