Bahri Secures SAR 3.18bn credit to finance merger with Vela

22/06/2014 Tadawul

National Shipping Company of Saudi Arabia (Bahri) signed SAR 3.18bn Murabaha Agreement with JB Morgan Chase NA Bank, SAMBA and SABB.
 

This credit aims at financing the cash payment of Bahri- Vela merger as well as the merger’s expenses.


The bridge loan has a term of 12 months and Vela’s carriers will be used as collateral after they are handed over to Bahri.


The company said that it will be arranging for an Islamic long term credit within a year to finance the repayment of the bridge loan.

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