Bahri + Suez Canal Authority to pour USD 50 mn into new joint-stock maritime transport firm: Saudi Arabia’s state-owned National Shipping Company (Bahri) and the Suez Canal Authority (SCA) are investing USD 50 mn to establish an Egyptian joint-stock company for maritime transport, Al Mal reports, citing a source it says is familiar with the matter. The two companies plan to finalize procedures for the new company by the end of August.

ICYMI: Bahri had signed a non-binding MoU with the Suez Canal Authority in March to establish an Egyptian joint-stock company that will “specialize in owning, leasing, chartering, and operating vessels to transport general and bulk cargo, chemicals, oil, and all operations related to maritime transport.”

The details: Bahri will manage and operate the new company, Al Mal quotes the source as saying. The company, which will serve as a shipping agent, will be entitled to all the incentives granted to SCA-affiliated entities. Its fleet will be Egyptian-flagged and will carry most of Egypt’s imports of strategic commodities. Some 75% of the company’s employees will be Egyptians, as mandated by the law.

What’s next: The two companies are looking into purchasing two 60k ton ships for the new company’s fleet, the source is quoted as saying. The two companies are also looking to appoint a law firm in the next few days to handle registration procedures for the company, and are looking to establish the company’s headquarters soon, the source added.

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