The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Notes to the Consolidated Financial Statements As of December 31, 2012 (in Thousands of Saudi Riyals)
Date of Incorpo- ration
Effective Ownership % 2012
Effective Ownership % 2011
Liquefied petroleum gas transportation Pertochemicals transportation Glass manufacturing & trading
NCC-Odfjell Chemical Tankers ** Equity:
Arabian United Float Glass Co.
* For organizational and restructuring purposes, the Company established a new wholly-owned subsidiary, Mideast Ship Management Ltd. (JLT), in the Free Zone of Dubai in the United Arab Emirates on October 31, 2010 with a share capital of Emirati Dirhams 300,000. The purpose of this restructuring was to transfer the operations of Mideast Ship Management Ltd. (Bermuda) to the new company. The two subsidiaries signed a business transfer agreement to transfer the operations between them as of June 7, 2011. The legal procedures for transferring the assets and liabilities from Mideast Ship Management Ltd. (Bermuda) to Mideast Ship Management Ltd. (JLT) were finalized during the second quarter of 2011 and the license of Mideast Ship Management Ltd. (Bermuda) was canceled on December 12, 2011. The above transaction and arrangement did not have any effect on the consolidated financial statements of the Company. ** A company owned 50% by National Chemical Carriers Limited and accordingly the indirect ownership for the Company is 40%.
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