GulfNav Raises More Capital for Expansion

Image Courtesy: GulfNav

Dubai-based Gulf Navigation Holding’s board has approved the trading of rights issued in February 2018
to the company’s existing shareholders, without publicly offering the remaining shares.

GulfNav said that after the increase its capital stands at AED 919.2 million (USD 250 million) distributed to 919,209,250 shares at a nominal value of AED 1 per share.

The company announced a maximum of AED 488 million in capital increase through trading of the rights issue worth a total of AED 367.5 million (USD 100 million) from February 11 to March 1, 2018.

The capital raising is in line with GulfNav’s gradual growth plan and fleet expansion being implemented in stages since mid-2016.

“The amount collected in the capital increase is equal to 82 pct. This is sufficient to cover the company’s interim expansion plans and increase its assets over the short term. Therefore, the board of directors has decided to settle for the amount collected from existing shareholders and not go for a public offering. The objective of the public offering was to fulfill the need of major shareholders to increase their share in the company,” Khamis Juma Buamim, CEO of Gulf Navigation Holding Group, said.

“Based on the directives of the board of directors, the company will continue its expansion and increase its assets.” 

Over the recent period, GulfNav has been focused on restructuring the company and settling debts as it worked toward diversifying its business portfolio and income sources.

These activities included expanding the geographical scope of its services, adding two petrochemical carriers to its assets, refinancing of the petrochemicals carriers, as well as launching talks to acquire new vessels and large shares in regional and international companies.

Share this article

Follow World Maritime News

In Depth>


<< May 2018 >>
30 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

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >


The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >