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Bahri's NCC acquires 50% stake in NOCT
- Saudi Arabia: Sunday, April 14 - 2013 at 01:14
The National Shipping Co of Saudi Arabia (Bahri) has said its National Chemical Carriers (NCC) subsidiary has signed an agreement with Norwegian shipping Odfjell SE to dissolve their 18 ships pool in addition to acquiring the shares of Odfjell in the NCC Odfjell Chemical Tankers JLT (NOCT), Saudi Gazette has reported. According to the terms of the deal, NCC is to acquire Odfjell's 50% stake in NOCT from June 1, 2013, at the net book value and will become a 100% owner of NOCT. The net book value at the end of 2012 is equivalent to SR1.7m.
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