Bahri to liquidate an affiliate

01/04/2020 Argaam

 

The National Shipping Company of Saudi Arabia (Bahri) said that the partners of its affiliate Bahri Bunge Co. agreed to liquidate the company as of March 31, 2020.

 

The move comes within the framework of reviewing Bahri’s business sectors and market strategies, the company said in a bourse statement.

 

Bahri Bunge was established in 2017 with a paid in capital of $5 million as a 60%-40% joint venture between Bahri Dry Bulk Co. and Koninklijke Bunge B.V.

 

The JV mainly rents vessels to transport imported and exported bulk goods within the Middle East and globally.

 

Bahri owns 60% stake in Bahri Dry Bulk Co.

 

The financial impact, which is not expected to be significant, will appear on Bahri’s consolidated financials during the upcoming period.

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