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Bahri unit, APICORP ink SAR 182m Islamic facility

Bahri unit, APICORP ink SAR 182m Islamic facility
The agreement will be valid for 10 years- (Photo Archive)
BAHRI
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Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) announced that its subsidiary signed a Murabaha facility agreement on Monday 15 August.

Bahri's unit National Chemical Carriers Co Ltd. entered into an agreement with Arab Petroleum Investments Corporation (APICORP) at a value of SAR 181.7 million ($48.45 million), according to a bourse filing on Tuesday.

The facility will be used to finance 85% of the purchase value of the two chemical vessels NCC QAMAR and NCC MAHA, the company said previously.

The agreement will be valid for 10 years and will be paid over biannual equal installments. The company gave guarantees represented in mortgaged vessels and a waiver of insurance policies.