Bahri wants $210m
Saudi national owner Bahri is asking shareholders to approve a capital increase of $210m to meet the costs of its merger with Saudi Aramco tanker arm Vela International.
The company has called a meeting for 19 June, at which investors should green-light a 25% rise in its equity to SAR 3.94bn from SAR 3.15bn, an increase of SAR 0.79bn ($210.6m).
The state companies announced they were joining forces in 2012, creating the world’s fourth-biggest VLCC owner.