Bahri to sell part of its stake in Petredec

The National Shipping Co. of Saudi Arabia (Bahri) started on Sunday procedures to sell part of its 30.3 percent stake in Petredec Limited, a Bermuda-based company specialized in transporting and trading liquefied petroleum gas, the Tadawul-listed oil shipper said in a bourse statement.

No details were provided about the buyer or value of the deal.

As part of the agreement, Haydock Holdings Limited – the other partner in Petredec – will also sell part of its 69.7 percent stake to the new investor, who will subsequently own 13 percent of the company.

Financial impact of the transaction will be determined after the completion of sale, Bahri said.

The Tadawul-listed oil shipper expects the sale to take place during Q1 2018, and plans to use the proceeds for general corporate purposes.

There are no related parties in the agreement, Bahri added.

The deal is subject to several factors, including legal review and final agreement on all terms of the transaction by parties concerned.