Bahri’s GA approves the merger with “Vela” on Thursday

17/06/2014 Argaam

The general assembly of the National Shipping Company of Saudi Arabia (Bahri) is to hold a meeting on Thursday, June 19th to approve the intended merger with Vela International Marine Limited Company. This approval is the final regulatory approval for this merger.
 

Bahri’s CEO, Eng. Saleh Al-Jasser, said that the contract will come into effect after handing over Vela’s first set of giant carriers to Bahri, which will be within one month after the GA meeting day.


This deal will reduce Bahri’s exposure to crude oil transportation’s price fluctuations and will maximize shareholders’ returns; the CEO added in a statement obtained by Argaam.


According to Argaam’s data; Bahri has signed a fleet and operations’ merger agreement with ARAMCO’s Affiliate, Vela International Marine Company in 2012.


Bahri is expected to make a cash payment of SAR 3.12bn to Vela in addition to 78.75m new shares of Bahri.

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