GulfNav Gives Nod to USD 250 Mn Sukuk Issue

Dubai-based owner and operator of chemical tankers Gulf Navigation Holding PJSC has decided to move forward with the issuance of new shares under an Islamic Sukuk program worth USD 250 million.

The decision was taken by the board after consideration of the company’s financial position and projects financing opportunities.

As disclosed, the timetable will be determined based on the strategic expansion projects. However, the priority will be given to the increase in capital in order to provide the company’s shareholders with the opportunity to increase their participation in the capital of the shipping company, Gulfnav said.

A number of the company’s shareholders have expressed interest in growing their stake in GNH’s capital, which was the reason behind the board’s decision to allow the issuance of shares.

In line with the decision, the company plans to increase the capital with AED 448.3 million (USD 122 million) reaching a total of AED 1 billion distributed over 1 billion shares. The par value of each share is AED 1 without premium.

The rights issue is subject to obtaining approvals from relevant authorities.

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