Riyadh, KSA - Bahri, a global leader in logistics and transportation, announced that its business unit Bahri Logistics has entered into a sales and purchase agreement with Bollore Logistics, one of the largest transport and logistics companies in the world, to acquire 40 percent of the share capital of their joint venture, Bahri Bollore Logistics.
Following the proposed transaction, Bahri Bollore Logistics will become a wholly owned subsidiary of Bahri and will be renamed Bahri Logistics. The Board of Directors and shareholders of Bahri have approved the acquisition.
Commenting on the announcement, Eng. Ahmed Ali Alsubaey, CEO of Bahri, said: 'Since its establishment in 2017, Bahri Bollore Logistics has grown into a strong player in freight forwarding services, building on the unique strengths of Bahri and Bollore. We are pleased that the signing of the agreement to acquire our remaining stake in the company will pave the way for greater integration and help realize synergies. Furthermore, the joint venture's transition to a fully owned subsidiary under Bahri Logistics marks the start of the next phase of its growth and expansion. It also represents another important step as we continue to bolster Bahri's capability to provide full-service logistics solutions to our customers independently.'
Bahri Logistics and Bollore Logistics will continue their partnership under a global agency agreement to continue serving existing and future clients. This agreement aims to leverage the strengths of both companies to develop solutions and services for local and international clients.
Headquartered in Riyadh, Bahri Bollore Logistics offers integrated global logistics and supply chain management services for local and international companies operating in Saudi Arabia. It also runs a container yard and offers value-added warehousing services in Jeddah.
(C) 2022 Electronic News Publishing, source ENP Newswire