The National Shipping Company of Saudi Arabia or NSCSA (Bahri) and Aramco Vela have formed the biggest merger in the history of Saudi Arabia, Zawya has reported. “The total amount involved is $1.3bn. The cash payment involved is $832.7m, including the issuance of 7.875 million new shares at SR22.25 per share,” according to Saleh N. Jasser, Bahri’s CEO. Aramco will own 20% of Bahri shares, he added. The agreements with Aramco 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, he said.
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