Dubai
Gulf Navigation said on Tuesday it plans to increase its capital by Dh448 million in order to make the issued and paid up share capital to be Dh1 billion, distributed over 1 billion shares at a par value of Dh1 per share.
The IPO (Initial Public Offering) is expected to be launched in the first quarter of this year, and the capital increase will also support the company’s expansion plans which will lead to secure more profits, the company said in an emailed statement.
The increase of the company’s capital came as a result of a comprehensive review of the company’s strategic expansion plans that aims at enhancing its competitiveness.