Dubai-Mubasher: Dubai-listed Gulf Navigation Holding’s shareholders will meet in 4 January after receiving the approval of Securities and Commodities Authority (SCA), according to a bourse filing on Thursday.
During the ordinary general meeting, the shareholders will discuss the board’s proposal to issue mandatory convertible bonds totaling AED 220 million ($60 million) at a nominal value of AED 1.
The value of first tranche will be AED 92 million ($25 million), the statement said, adding that the board will be authorized to negotiate with creditors and determine the value of other tranches subject to a maximum of AED 128 million ($35 million).
