Gulf Navigation approves $250m sukuk issue

Gulf Navigation approves $250m sukuk issue
The board also approved a proposal to increase the company’s capital
Gulf Navigation GULFNAV -0.92% 1.08 -0.01

Dubai – Mubasher: Gulf Navigation announced that its board had approved the launch of $250 million sukuk in phases under a schedule based on the company’s strategic expansion.

The board also approved a proposal to increase the company’s capital to AED 1 billion by offering AED 448.3 million tradable rights, according to a filing to the Dubai Financial Market (DFM). 

In April 2017, Gulf Navigation’s ordinary general meeting (OGM) approved launching sukuk with a maximum value of $250 million (AED 918.4 million).

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Source: Mubasher

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