Dubai – Mubasher: Gulf Navigation Holding (GNH) has increased its capital by 31.36% to AED 837.69 million from AED 637.69 million, according to a bourse filing.

GNH raised its capital through the private issuance of 220 million mandatory convertible Sukuk (MCSs) to new investors, which was converted to 200 million shares at a conversion price of AED 1.10.

The DFM-listed company highlighted that the new shares will be subject to a one-year lockup period until 10 October 2024.

The shareholders greenlighted the AED 200 million capital hike on 11 September 2023, while the board members proposed the transaction last February.

In the first half (H1) of 2023, GNH turned profitable at AED 27.78 million, versus net losses attributable to the owners valued at AED 2.53 million a year earlier.

Revenues plummeted to AED 64.87 million in H1-23 from AED 72.34 million during the January-June 2022 period.

The basic and diluted earnings per share (EPS) hit AED 0.025 as of 30 June 2023, versus a loss per share of AED 0.002 in H1-22.