Bahri calls off negotiations to sell Petredec stake

The National Shipping Co. of Saudi Arabia (Bahri) has decided to call off negotiations to sell part of its 30.3 percent stake in Petredec Limited, as no final deal has been reached among all parties involved, the Tadawul-listed oil shipper said in a bourse statement.

No material financial impact is expected to result from cancelling the deal except the reclassification of Petredec stake as investment in affiliates rather than current assets in Bahri’s financials starting from Q4 2018, the statement added.

Last November, Bahri said it started procedures to sell part of its 30.3 percent stake in Petredec Limited, according to data compiled by Argaam.

Petredec Limited, a Bermuda-based company specialized in transporting and trading liquefied petroleum gas, that is 30.3 percent owned by Bahri and 69.7 percent owned by Haydock Holdings Limited.