The National Shipping Company of Saudi Arabia (Bahri) is looking to sell a part of its 30.3% stake in Bermuda-based liquefied petroleum gas transporting and trading firm Petredec Limited.
As part of the deal, Haydock Holdings Limited, the other partner in Petredec, will also sell part of its 69.7% stake in the firm, bringing the total ownership of the new investor to 13%.
Bahri informed that its financial impact from the transaction will be determined in the event of completion of sale.
The company expects the sale to take place during the first quarter of 2018, and it will use the proceeds of the sale for general corporate purposes.
Conclusion of the transaction is subject to several factors, including but not limited to legal review and final agreement on all terms of the transaction by all parties concerned, Bahri added.
Image Courtesy: Petredec Limited