Dubai: Gulf Navigation Holding’s board has approved the trading of the rights issued in February to the company’s existing shareholders, without publicly offering the remaining shares, the company says.
The company’s capital now stands at Dh919 million, and the move is in line with its interim strategy to expand services and gradually increase the size of its fleet, to keep up with upcoming contracts and expansion plans.
Gulf Navigation Holding announced a maximum of Dh488 million in capital increase through trading of the rights issue from February 11 to March 1 with a total value of Dh367 million.
The company’s capital after increase is Dh919 million distributed to 919 million shares at a nominal value of Dh1 per share.
UAE nationals have contributed to 95 per cent of the shares, while GCC citizens and other nationalities account for 2 per cent and 3 per cent respectively.
Khamis Juma Buamim, board member, managing director and group chief executive officer of Gulf Navigation Holding Group, said: “The amount collected in the capital increase is equal to 82 per cent. This is sufficient to cover the company’s interim expansion plans and increase its assets over the short term. Therefore, the board of directors has decided to settle for the amount collected from existing shareholders and not go for public offering. The objective of the public offering was to fulfil the need of major shareholders to increase their share in the company.”
