Official: Bahri’s assets to reach SAR 16.8 bln after merging Vela fleet

The total assets of the National Shipping Company of Saudi Arabia (Bahri) will reach up to SAR 16.8 billion after its capital increase, said acting CEO Mohammed Al-Otaibi.

Bahri said yesterday it finalized regulatory procedures to increase its capital from SAR 3.15 billion to SAR 3.94 billion by issuing 78.75 million new shares for Saudi Aramco Development Company (SADC).Bahri issued these shares in addition to SAR 4.88 billion cash to acquire Vela fleet from Aramco.

The company’s total liabilities will be nine billion riyals and shareholders’ equity eight billions, while its debt-to-equity ratio will be one to one, Al-Otaibi told Al-Arabiya TV.

Al-Otaibi said Aramco’s shareholding will be 20 percent as a result, while the capital increase will be positive for shareholders’ equity and the company’s credit position.