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Bahri, APICORP ink deal to launch SAR 5.6bn fund

Bahri, APICORP ink deal to launch SAR 5.6bn fund
Bahri, APICORP establish fund to buy (VLCCs)
BAHRI
4030
17.15% 26.50 3.88

Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) said it signed an agreement with the Arab Petroleum Investments Corporation (APICORP) to establish an investment fund worth around SAR 5.6 billion ($1.5 billion).

The fund aims to buy around 15 very large crude carriers (VLCCs), Bahri said in a bourse filing, adding that the fund will target investing its assets over three stages, where the value of each stage will worth around $500 million.

The agreement includes number of conditions to assure that the fund will meet its purpose.

Under the agreement both parties will jointly manage the fund, while Bahri will subscribe to 15% of the fund's capital. Meanwhile, APICORP will provide the remaining 85% and will be responsible for securing the required financial resources to run the fund operations.