Bahri announces its intention to sell part of its stake in Petredec

12/11/2017 12:33 AST

The National Shipping Company of Saudi Arabia (Bahri) announces the commencement of the process to sell part of its 30.3% stake in Petredec Limited, a company based in Bermuda specialized in transporting and trading liquefied petroleum gas.

As part of the deal, Haydock Holdings Limited, the other partner in Petredec Ltd., will also sell part of its 69.7% stake in Petredec Limited, bringing the total ownership of the new investor to (13%) of Petredec Ltd.

The financial impact of the transaction on Bahri will be determined in the event of completion of sale. Bahri expects the sale to take place during the first quarter of 2018, and it will use the proceeds of the sale for general corporate purposes. Note that there are no related parties in this transaction.

It is worth noting that the conclusion of the transaction is subject to several factors, including but not limited to legal review and final agreement on all terms of the transaction by all parties concerned, and Bahri will announce any material developments once available.


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