GulfNav appoints co-book runner for AED448m rights issue
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Gulf Navigation Holding has appointed Al Ramz Corporation Investment and Development, listed in the Dubai Financial Market, as a co-bookrunner to manage its rights issue in order to increase its capital to AED 1 billion.
Al Ramz Corporation was selected following the completion of all the final approvals from the Securities and Commodities Authority.
Al Ramz Corporation indicated that in collaboration with the beneficiaries, it has completed preparations for the rights issue that will take place from Sunday 11/02/2018 until the end of Thursday 22/2/2018.
The shareholders registered in the company on 1/02/2018 will get the chance to buy the shares either fully or partially.
In addition, the company has chosen Emirates NBD Capital Limited as the Lead Manager, Emirates NBD PJSC as the Lead Receiving Bank and Ajman Bank as the Receiving Bank that will also provide financing opportunities for Gulf Navigation shares.
“We are witnessing a strategic transformation phase in our company and we are proud to represent a successful model for investment in the maritime and marine specialised services,” said Khamis Juma Buamim, board member, managing director and group CEO of the Gulf Navigation Holding Group.
Mohammad Al Mortada Al Dandashi, the managing director, partner and director of Al Ramz Corporation Investment and Development added: “We are proud that we have been selected by Gulf Navigation Holding to be the Co-Bookrunner for its “Rights Issue”. The company’s performance and reputation in the financial market continue to attract investor’s interest and confidence in the company with every new project they launch. Signing this agreement is an important mile stone for the financial advisor and it is a start-up for the IPO management services that we offer to our clients.”
Furthermore, Gulf Navigation Holding has increased its capital in response to its senior investors and strategic partner’s requests to increase their shares in the company, which will increase their returns, as well as providing more funds that will help the company expand its activities and develop its assets continuously.
Gulf Navigation Holding’s latest increase in assets was announced last week by refinancing two petrochemical carriers as part of the company’s plan to expand its fleet size to 20 vessels by 2020.