Gulf Navigation Holding appoints Al Ramz Corporation as a Co-Bookrunner to raise capital to AED1 billion

DUBAI, Gulf Navigation Holding PJSC, GulfNav, has appointed Al Ramz Corporation Investment and Development listed in Dubai Financial Market as a Co-Bookrunner to manage their “Rights Issue” in order to increase its capital to AED1 billion. Al Ramz Corporation was selected following the completion of all the final approvals from the Securities and Commodities Authority.

According to the agreement, Al Ramz Corporation will be the Co-Bookrunner for the Rights Issue of the Gulf Navigation Holding shares in order to increase its capital to AED1 billion through the Rights Issue. Al Ramz Corporation indicated that in collaboration with the beneficiaries, it has completed preparations for the Rights Issue that will be issued on Sunday, 11th February 2018, and will continue until the end of Thursday, 22nd February 2018. The shareholders registered in the company on 1st February 2018 will get the chance to buy the shares either fully or partially.

Khamis Juma Buamim, Board Member, Managing Director and Group CEO of the Gulf Navigation Holding Group, said, “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. Our success depends primarily on building partnerships with leading companies in various fields. Therefore, our decision to appoint Al Ramz Corporation as a Co-Bookrunner is based on our confidence in the company’s extensive knowledge and expertise in the capital market in the UAE.”

Mohammad Al Dandashi, Managing Director of Al Ramz Corporation said, “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.”

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 reach to 20 vessels by 2020.

Source: Emirates News Agency