Dubai - Mubasher: The CEO of Gulf Navigation Holding said that his company is expecting to complete an acquisition deal in the first quarter of 2018
Talks are ongoing for an acquisition in the northern region in Fujairah and Khorfakkan, Khamis Juma Buamim told reporters on the sidelines of a company event on Wednesday, adding that the company is also considering acquitting a number of ships to transport petrochemicals.
Completing the deal depends on the company’s ability to complete all the necessary steps.
Buamim also revealed Gulf Navigation has allocated around AED 550 million ($150 million) for a number of acquisitions in the UAE and abroad, seeking expansion and increasing profitability.
When asked about the new company that was recently launched in partnership with Ali & Sons Marine Engineering Factory, he noted that the ownership is distributed in half between the two parties, and that it is set to begin operation early next year.
The CEO also said that his company will most probably issue $250 million worth of sukuk next month of early December, noting that the delay resulted from the market circumstances.
He also said that the result behind the decline in profits during the first nine months of 2017 was due to a huge increase in provisions.
Buamim also negated the news regarding Saudi companies showing interest in acquiring a stake in Gulf Navigation, adding that all of the company’s legal conflicts have ended, except for the dry dock issue with a Chinese company.
Gulf Navigation aims at expanding and raising its fleet from 14 to 26 ships by 2021, the CEO indicated.
