Published: Sep 16, 2014
Source: Tadawul

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Bahri announces the completion of procedures of the issuance of shares relating to the merger of Vela fleet and operations with Bahri and the increase in share capital (acquisition transaction)

Following the announcement by the National Shipping Company of Saudi Arabia (Bahri) on the Saudi Stock Exchange (Tadawul) on 22 June 2014 regarding the results of the Extraordinary General Assembly Meeting (EGM) that included the approval of the share capital increase, and the announcement on 8 September 2014 relating to the merger of the entire Vela fleet and operations with Bahri, Bahri would like to announce the completion of the statutory procedures relating to the increase of its share capital on 15 September 2014, including the amendment of its Commercial Registration certificate, from SR 3,150,000,000 to SR 3,937,500,000 through the issuance of 78,750,000 new shares which have been deposited in the investment portfolio account of Saudi Aramco Development Company, a subsidiary fully owned by Saudi Aramco, noting that the total number of shares prior to the increase in share capital was 315,000,000 shares and became 393,750,000 following the increase in share.

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