Dubai – Mubasher: Gulf Navigation Holding said its shareholders approved on Wednesday, 19 April, the issue of senior and unsecured sukuk of up to $250 million (AED 918.4 million) through public offering, according to a bourse statement.
The sukuk is redeemable within five years at a profit rate less than 10%.
The shareholders authorised the company's board to take all the necessary actions regarding the issue.
The shareholders reviewed a report by the board addressing the latest developments related to filing a court case against Fahad Al Otaibi or reaching a settlement for the sale and lease contracts of the company’s presmises at Jumeraih Lakes Towers in Dubai..
