Gulf Navigation nods to sukuk issue

Gulf Navigation nods to sukuk issue
(Photo Credit: Company Website)
Gulf Navigation GULFNAV -0.92% 1.08 -0.01

Dubai – Mubasher: Gulf Navigation Holding said its shareholders approved on Wednesday, 19 April, the issue of senior and unsecured sukuk of up to $250 million (AED 918.4 million) through public offering, according to a bourse statement.

The sukuk is redeemable within five years at a profit rate less than 10%.

The shareholders authorised the company's board to take all the necessary actions regarding the issue.

The shareholders reviewed a report by the board addressing the latest developments related to filing a court case against Fahad Al Otaibi or reaching a settlement for the sale and lease contracts of the company’s presmises at Jumeraih Lakes Towers in Dubai..

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Source: Mubasher