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Publish Date : 10-Jul-2012

Bahri, (The National Shipping Company of Saudi Arabia) and the Public Investment Fund (PIF) have entered into a Murabaha financing agreement to fund part of the total construction cost of building two General Cargo vessels at Hyundai Mipo Dockyard in South Korea.

The company while filing to the Tadawul (Saudi stock exchange) stated that, “The value of the financing contract is equivalent to SAR 450,000,000 ($120 million). The repayment will be made in equal quarterly instalments over 10 years from delivery of vessels. The Contract will be signed by Mr. Abdullah Ibrahim Al-Eiyadhi, Acting General Secretary of PIF and Engr. Saleh Nasser Al-Jasser, Bahri CEO.”

It added, “Engr. Al-Jasser indicated that these two vessels are part of the contract signed in March 2011 for the construction of six General Cargo vessels which will be received starting from early 2013 onward.”

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