Gulf Navigation shareholders approve $250m sukuk issue

Dubai: Gulf Navigation said on Thursday its shareholders approved to issue a senior and unsecured sukuk of $250 million (Dh918 million).

The sukuk would be for a period of five years, and should be with a profit rate of below 10 per cent, Gulf Navigation said in a statement posted on Dubai Financial Market’s website.

The shareholders authorised the company to take all necessary action regarding the sukuk issue, and to negotiate its terms.

Gulf Navigation shares were down 4 per cent to Dh1.39.