Bahri Annual Report-2011

The National Shipping Company of Saudi Arabia

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the following subsidiaries and affiliates:

Company owns more than 50% of owners’ equity and/or has control over those subsidiaries. The Company established and/or invested in

The accompanying consolidated financial statements include the activities of the Company and its subsidiaries, in which the

Date of Incorporation

Ownership % 2011

Ownership % 2010

Name

Activity

Location

Consolidated Subsidiaries:

National Shipping Company of Saudi Arabia (America) Inc.

Company’s ships agent

USA

1991

100 % 100 %

Mideast Ship Management Ltd. (Bermuda) *

Ship management

Dubai

1996

100 % 100 %

Petrochemicals transportation

National Chemical Carriers Ltd. Co. (NCC)

Riyadh

1990

80 %

80 %

Al-Bahri Company for Bulk Transportation

Bulk transportation Riyadh

2010

60%

60 %

Mideast Ship Management Ltd. (JLT) *

Ship management

Dubai

2011

100%

-

Affiliates:

Liquefied petroleum gas transportation

Petredec Ltd.

Bermuda

1980

30.3 % 30.3 %

Glass manufacturing & trading

Arabian United Float Glass Co.

Riyadh

2006

10%

10%

* For organizational and restructuring purposes, the Company established a new wholly owned subsidiary, Mideast Ship Management Ltd. (JLT), which was registered in Dubai Multi Commodities Centre (DMCC) Free Zone in the United Arab Emirates on October 31, 2010 with a share capital of Emirati Dirhams 300,000. The purpose of this new arrangement is to transfer the operations of Mideast Ship Management Ltd (Bermuda) to the new company. The above two subsidiaries signed a business transfer agreement on June 7, 2011 by which all the assets and liabilities of Mideast Ship Management Ltd (Bermuda) were to be transferred to Mideast Ship Management Ltd. (JLT) at the book value as of March 31, 2011. The legal formalities to transfer the title deed of the transferred assets were completed during the second half of 2011 and Mideast Ship Management Ltd (Bermuda) license was cancelled on December 12, 2011.

The above transaction and arrangement does not have any effect on the consolidated financial statements of the Company.

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