BAHRI announced joint venture with Bollore Logistics SAS

18/07/2017 16:26 AST

he National Shipping Company of Saudi Arabia (Bahri) announces that it has signed today 18 July 2017 a joint venture agreement with Bollore Logistics Sas (French Company) (Bollore). Pursuant to the Agreement, Bahri and Bollore intend to establish a joint venture in Riyadh, Kingdom of Saudi Arabia, with share capital of SAR 15 Million through shareholders. The parties have agreed to increase the share capital to be SAR 30 Million in three months from the date of incorporating the joint venture.

The joint venture will be engaged in total logistics services which include brokerage in freight forwarding and transportation and provide all services linked to the supply chain. Bahri will own (60%) of the shareholding in the joint venture and Bollore will own the remaining (40%).

Bahri and Bollor expect to complete the establishment of the joint venture by the third quarter of 2017. Financial impact is expected starting from the fourth quarter of 2017 and Bahri will announce any material developments once available.


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