Mubasher: The board of Gulf Navigation Holding approved the trading of the rights issue that was in February 2018 to the company’s existing shareholders.
This rights issue was executed without publicly offering the remaining shares, according to a recent statement.
Gulf Navigation's capital currently stands at AED 919,2 million; this decision move was in line with the company’s temporary strategy to expand services in addition to gradually raise the size of its fleet to keep up with upcoming contracts and expansion projects in the future, the statement added.
The UAE company disclosed a maximum of AED 488 million in capital as an increase by trading of the rights issue from 11 February to 1 March 2018 with a total value of AED 367.54 million.
Gulf Navigation’s current capital is distributed on 919,209,250 shares at a nominal value of AED 1 per share.
“The UAE nationals have contributed to 95% of the shares, GCC citizens to 2%, and other nationalities to 3%,” the statement noted.
Board member and MD & Group CEO of Gulf Navigation, Khamis Buamim, commented, "Since we started executing our strategic plan in mid-2016, we have succeeded in achieving steady progress in revenues.”
He added, "The amount collected in the capital increase is equal to 82%.”
