The National Shipping Company of Saudi Arabia
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
National Shipping Company of Saudi Arabia (America) Inc.
Company’s ships agent
100 % 100 %
Mideast Ship Management Ltd. (Bermuda) *
100 % 100 %
National Chemical Carriers Ltd. Co. (NCC)
Al-Bahri Company for Bulk Transportation
Bulk transportation Riyadh
Mideast Ship Management Ltd. (JLT) *
Liquefied petroleum gas transportation
30.3 % 30.3 %
Glass manufacturing & trading
Arabian United Float Glass Co.
* 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.
Powered by FlippingBook