Dubai: Dubai Financial Markets (DFM) listed maritime and shipping company Gulf Navigation (Gulf Nav) said Friday it is working to complete its acquisition of Brooge Petroleum and Gas Investment Company (BPGIC), a part of the Fujairah Oil Terminal, within six to eight weeks.
In a DFM filing, the company responded to a press release on Argaam’s website and said, “The company confirms that it is working towards completing the deal within the aforementioned period, subject to acquiring all necessary approvals.”
Earlier this week, Gulf Nav’s board said it would consider issuing mandatory convertible bonds (MCBs) to settle its acquisition of BPGIC along with cash and a new share issuance.
The board also approved a new member, BHM Capital CEO Abdel Hadi Al Sa’adi, who replaces Mazen Jaber Al Dahmani, whose resignation was announced last week. In an interview with CNBC Arabia, Al Sa’adi said the entity's market capitalisation post-transaction will exceed Dh20 billion, Zawya has reported.
In October last year, Gulf Nav announced its intentions to acquire BPGIC, which has a capacity to store 6.3 million barrels of oil.
In April, Gulf Navigation Holdings (GNH) said it achieved an encouraging turnaround in its financial performance with a marked increase in profitability last year. Net profits for the group were up to Dh21 million in 2023, compared with a net loss of Dh7.6 million in 2022.
Gross profits for the year reached Dh9.6 million, mainly driven by the company’s chartering business. However, gross revenues from operations decreased by 23 per cent to Dh106 million, primarily due to necessary repairs and vessel drydocking. Other revenue and income increased by 64 per cent to Dh33 million, as a result of improved resource management and restructuring, to more than offset this.
