Dubai – Mubasher: Gulf Navigation on Tuesday said its shareholders will convene on Wednesday, 19 April, to discuss the issue of sukuk, as well as several other items on the agenda.

Shareholders will consider the issue of senior unsecured sukuk worth a total of $250 million (AED 918.4 million) through public offering, the company said in a statement to the Dubai Financial Market (DFM).

The issue will be “redeemable within five years at a profit rate less than 10%".

The board will be given all the necessary delegations to carry out the issue and negotiate its terms.

Shareholders will also present a report by the board on the “latest developments regarding filing a court case against Mr Fahad Al Otaibi or reaching a settlement agreement regarding the sale and lease contracts of the premises of the company in Dubai,” according to the filing.

In the event of a lack of quorum, shareholders will meet on Wednesday, 26 April, the statement showed.

Gulf Navigation last reported a 577% surge in net profits to AED 136.573 million in 2016 from AED 20.172 million in 2015.