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).