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FINANCIAL NEWS
Saudi’s Bahri, Apicorp launch USD1.5bn fund
18 Jul 2016
(MENAFN) National Shipping firm of Saudi Arabia ‘Bahri’ proclaimed that it signed a deal with Arab Petroleum Investments Corp. (Apicorp) to launch USD1.5bn fund.
Additionally, the fund will be seeded with USD500mn on three occasions, subject to conditions, and will subscribe to 15 percent of the fund’s capital.
The firm will offer the remaining 85 percent, and will be the manager for the fund and responsible for arranging finance.
Both sides predicted to finish the remaining processes and undertake the first phase of fundraising at the end of Q3 of 2016.
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