SHIPPING
Gulf
Navigation floats rights issue
In a bid to improve its services and increase its fleet size to be on the right path towards keeping up with upcoming contracts and expansion projects, Gulf Navigation Holding recently approved the trading of rights issue to its existing shareholders 58 MARCH 2018
D
uring its meeting held recently, the Board of Directors of the Gulf Navigation Holding (PJSC) approved the trading of the rights issued last February to the company’s existing shareholders, without publicly offering the remaining shares. The company’s capital now stands at AED 919,209,250. The move is in line with the company’s interim strategy to expand its services and gradually increase the size of its fleet to keep up with upcoming contracts and expansion projects, considering its future expansion plans. Gulf Navigation Holding announced a maximum of AED 488 million in capital increase through trading of the rights issue from 11 February to 1 March 2018 with a total value of AED 367,542,584. The
company’s capital after increase is AED 919,209,250 distributed to 919,209,250 shares at a nominal value of AED 1 per share. The UAE nationals have contributed to 95% of the shares, GCC citizens to 2%, and other nationalities to 3%. Gulf Navigation decided to settle for what key shareholders have covered because the company has a stage-based operational plan and is gradually increasing its assets and resources. The company’s current revenues have been growing significantly thanks to the wise procedures taken by the new management that have led the company to make profits and grow its assets. H.E. Khamis Juma Buamim, Board Member and MD & Group CEO of Gulf Navigation Holding Group, said, “We have