Bahri announces the Sale of One General Cargo Vessel 'Saudi Abha'

This is in connection with the replacement programme approved by its board of directors for the general cargo fleet.

The company has sold its general cargo vessel (Saudi Abha) on the evening of Wednesday 16th January, 2013 for scrapping after completing her useful life.

This sale is expected to generate a net profit of about SAR21m after deducting its book value and all expenses associated with the sale. The financial impact of this transaction will be reflected in the 1st qtr. 2013 results.

It is worth mentioning that the company had previously announced the signing of ship building contracts to acquire six new generation general cargo vessels to replace the older fleet in this sector which has completed its useful life.

(3) sister ships to Saudi Abha remain to be sold in sequence coinciding with the delivery of the first (4) new ships.