(MENAFN) National Shipping firm of Saudi Arabia 'Bahri' proclaimed that it signed a deal with Arab Petroleum Investments Corp. (Apicorp) to launch USD1.5bn fund.
Additionally, the fund will be seeded with USD500mn on three occasions, subject to conditions, and will subscribe to 15 percent of the fund's capital.
The firm will offer the remaining 85 percent, and will be the manager for the fund and responsible for arranging finance.
Both sides predicted to finish the remaining processes and undertake the first phase of fundraising at the end of Q3 of 2016.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.