Dubai – Mubasher: Subscription in Gulf Navigation Holding’s capital increase has commenced on Sunday.
The subscription period, which began earlier today, will extend until Thursday, 22 February.
Involving 448.33 million shares, the share offering will allow Gulf Navigation to hike its capital by 81% to AED 1 billion from its current AED 551.67 million
The Dubai-listed navigation firm will use the proceeds from its capital hike to implement its announced strategy, which involves doubling the volume of its fleet to 20 vessels by 2020.
In late January, Gulf Navigation’s managing director and group CEO Khamis Juma Buamim told Mubasher that his company was planning two new acquisitions in the UAE as well as increasing the number of vessels in its fleet.
The top official further revealed that his company was most likely to postpone its sukuk issuance, having completed the restructuring of $80 million in debt through an alliance of UAE banks rather and a consortium of European ones.
Buamim also forecasted positive results for the company in 2017.
Gulf Navigation last reported an 89% profit plunge to AED 12.36 million from AED 116.81 million in the same period of 2016. As for the first nine months of 2017, the company logged AED 31.39 million down 57% year-on-year from AED 131.17 million.
