Gulf Navigation gets nod to convert $60 million bonds to shares

Dubai: Gulf Navigation Holding said on Wednesday it has received a regulatory approval to convert $60 million (Dh220 million) bonds into shares to settle its debt.

The company has been working on turnaround and restructuring plan since last year. Shares of Gulf Navigation ended 4.87 per cent lower in a weak Dubai market.

Gulf Navigation, which is the only maritime and shipping company listed on the Dubai Financial Market, owns and operates chemical tankers.