Chapter 1 Board of Directors’ Report Information about the Company and its Subsidiaries
Subsidiaries
The below table illustrates the companies which are wholly owned by Bahri or in which Bahri owns a stake:
Geographical Scope of Activity
Place of Incorporation
Incorporation Date
Ownership % (2013)
Name of the Company
Core Activity
NSCSA (America) Inc.
The Company’s Agent
USA
Global
1991
100%
Mideast Ship Management Ltd.
Technical Ship Management
UAE
Global
1996
100%
Petrochemicals Transportation
National Chemical Carriers Ltd. Co. (NCC) *
KSA
Global
1990
80%
Bahri Dry Bulk Co. (BDB)
Drybulk Cargo Transportation
KSA
Global
2010
60%
Petredec Ltd.
LPG Transport and Trading
Bermuda
Global
1980
30.3%
Float Glass Manufacturing and Trading
Arabian United Float Glass Co.
KSA
Local
2006
4.69%
* Owns a subsidiary in the UAE under the name of (National Chemicals Carriers JLT) in 2013 that manages spot operation of NCC fleet commercially
Company Strategy Bahri has been working on strengthening its competitiveness in global markets by expanding its business activities, increasing its fleet and consolidating its financial and operational position. This is achieved through diversification and management of its investments in an effective manner in accordance with its strategic plan.
The Company’s current strategic plan includes the following: • Receive the remaining ships under construction • Finalize the merger of Vela’s fleet and operations with Bahri • Explore investment opportunities within the scope of the Company’s activities and in promising markets • Improve operational performance across all business sectors and units within the Bahri Group • Prepare a new strategic plan for the next five years
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