GulfNav Gives Nod to USD 250 Mn Sukuk Issue

Image Courtesy: GulfNav

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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >