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FINANCIAL NEWS
Bahri, Aramco sign biggest merger contract
17 Jun 2014
(MENAFN) The National Shipping Company of Saudi Arabia or NSCSA (Bahri) has signed the contract of the biggest merger in the history of Saudi Arabia with Aramco Vela, according to Arab News.
Saleh N. Jasser, Bahri’s CEO, said: “The total amount involved is USD1.3 billion. The cash payment involved is USD832.7 million, including the issuance of 7.875 million new shares at USD5.931 per share.”
The agreements Aramco signed include a long-term shipping contract, exclusive VLCC crude oil shipping provider to Aramco sold on delivered basis and the contract includes a TCE floor and threshold.
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