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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