Saudi’s Bahri gains 9 percent after merger announcement
Shares at Saudi National Shipping Co (Bahri) rose 9 percent on Saturday after it signed an agreement with Saudi Aramco to buy its Vela marine unit for $1.3 billion in cash shares.
July 1, 2012 10:04 by Reuters
Shares at Saudi National Shipping Co (Bahri) rose 9 percent on Saturday after it signed an agreement with Saudi Aramco to buy its Vela marine unit for $1.3 billion in cash shares.
On Wednesday State oil giant Saudi Aramco and Bahri announced the agreement that would make Bahrithe world’s fourth largest owner of very large crude carriers, or VLCCs. Bahri will be the exclusive provider of VLCC crude oil shipping services to Saudi Aramco, under a long term agreement.
(Reporting by Asma Alsharif)
More on All News
-
Tesco Clothing Brand Plans International Expansion
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Struggling Singapore Airlines fights back
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
Turkish Airlines faces strike
-
GMR reveals top 50 Mena Corporate Brands
-
Coronavirus can spread from person to person
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
