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  • 03-01-18

    Gulf Navigation Holding to increase capital by USD122m

    (MENAFN) In an attempt to raise its paid-up share capital to AED 1 billion, Gulf Navigation Holding declared that it is to add up to its capital by AED 448,333,334.

    The capital is set to be spread over 1 billion shares with each at an AED 1 value with the IPO estimated introduction in 2018 first quarter, allowing the back up of expansion plans and opening the door for extra profits.

    Gulf Navigation Holding CEO Khamis Juma Buamim stated "since July 2016, when we launched our new strategy under the slogan "A broad vision to a new horizon" we continued day by day with the expansion and success we promised to our investors and shareholders." He continued "in a short time we have been able to accomplish strategic partnerships that contributed to the value of our shares by 500 percent."

    The CEO added "today, we are ready to make a new move in our capabilities, as we are willing to increase the size of our fleet by 20 vessels by 2020 in order to keep up with the growing demand to ship petroleum and petrochemical products regionally."

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