Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) on Sunday announced that it has stopped negotiations concerning selling part of its 30.3% stake in Petredec Limited.
The Saudi company did not reach a final agreement with parties involved in the talks, according to a filing to the Saudi Stock Exchange (Tadawul).
No financial impact is expected to result from cancelling the deal except the reclassification of Petredec’s stake as an investment to be sold as part of traded assets in Bahri.
Petredec will be reclassified starting from the fourth quarter of 2018, the statement added.
Petredec Limited, a Bermuda-based company specialised in transporting and trading liquefied petroleum gas.
It is worth noting that Bahri’s profits decreased by 34.29% during the first nine months of 2018, logging SAR 389.83 million, compared with SAR 593.28 million.
By 11:37 am KSA time, Bahri’s stock rose 2.68% at SAR 32.55.
