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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