Riyadh – Mubasher: The National Shipping Company of Saudi Arabia’s (Bahri) on Sunday announced its plans to sell part of its 30.3% stake in Petredec Limited.

Petredec Limited is a firm which is specialised in trading and transporting the liquefied petroleum gas (LPG), and it is based in Bermuda.

Bahri’s other partner in Petredec Limited, Haydock Holdings Limited will also sell part of its 69.7% stake in Bermuda-based firm as a part of the deal, according to a statement to the Saudi Stock Exchange (Tadawul).

The new investor who will purchase the stakes of the Bahri and its partnet will own 13% stake.

The financial impact of the transaction will appear after completing the deal, Bahri noted, forecasting that the transaction will be completed during the first quarter of 2018.

In case of completing the deal Bahri will allocate the proceeds for its general corporate purposes.

By 10:22 am KSA time, Bahri's stock inched down 0.03% to reach SAR 29.10.