Pursuant to the merger agreements, Saudi Aramco will own 78,750,000 new shares of Bahri, representing 20% of Bahri’s total shares after the issuance process. The new shares were listed in the portfolio of Saudi Aramco Development Company on September 15, 2014. Saudi Aramco now has a fair representation in Bahri’s Board. In addition, Saudi Aramco will continue to directly manage all crude oil marketing and client sales, while Bahri will provide reliable shipping services to Saudi Aramco. Both parties will explore further viable opportunities to expand their cooperation in maritime activities.
The merger process included a number of agreements as follows:
Business operation and asset agreement
Service agreement
Cargo contract
Amended promotional sale forms
Relation agreement Term leasing agreement
Borrowing agreement
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Annual Report 2014
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