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Saudi Arabia’s Bahri progresses with Vela merger

: Thursday, August 14 - 2014 @ 18:11

Saudi Arabia’s stock index TASI fell by 0.05 per cent to 10,588.26 points on Thursday, Aug. 14.

The Mediterranean and Gulf Insurance and Reinsurance Co. surged nine per cent to hit SAR47, closing the week as a top gainer.

The National Shipping Company of Saudi Arabia, also known as Bahri, gained 1.30 per cent to reach SAR38.70.

Earlier in the day, Bahri said regarding the merging of the Vela fleet and operations with Bahri, it announces that Virgo Star, one of the VLCCs in Vela fleet, was transferred to Bahri’s ownership on Thursday, August 14, and her name was changed to (Ghinah). “The remaining Vela vessels shall be transferred to Bahri on a staggered basis according to an agreed upon vessel delivery schedule with Vela and is expected to be completed before the end of 2014.” On June 26 2014, 99 per cent o f vela shareholders voted in favour of the merger with Vela International Marine Limited, then a subsidiary of oil giant Saudi Aramco. With a value of SAR3.18 billion ($850 million), the merger is considered the largest in the history of the Saudi market.

The financial impact of the merger for Bahri is expected during the third quarter of 2014.

Gérard Al-Fil

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Thursday, August 14- 2014 @ 18:11 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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