Dubai: The energy and bunkering services company GP Global, which has extensive interests in Jebel Ali Free Zone, is going through a financial restructuring brought on by the economic meltdown after the COVID-19 outbreak.
“We were unable to get full support from a few financial institutions recently and therefore as a prudent decision, we have undertaken this restructuring exercise which is envisaged to be completed in next few months.”
At the same time, it dismissed outright speculation centred around its financial health.
“While there are several rumours about the financial condition of our group floating around, we would like to assure our partner and stakeholders, that as a highly reputed organisation we are being targeted by vested interests who do not wish to see us succeed and grow higher and higher,” the company said in a statement.
“The group strongly and vehemently denies all such rumours and is being made a victim of blatant lies, by spreading of totally false and factually inaccurate information by these vested interests.”
The company said it remains confident of pulling in new investments for its assets - a move that will help us tide away from the current tight cash position, which puts us in the same position as many other surviving peers in the global trading industry,” the statement added.
“Business-wise, we continue to execute trades and our bunkering business, both east and west of Suez, is performing well despite the current financial headwinds faced by the industry. We will further strengthen this flagship vertical of ours as we tie-up new refinancing lines for the same.”