By: Amr Adel

Dubai – Mubasher: Gulf Navigation Group CEO Khamis Juma Khamis Buamim on Tuesday told Mubasher that increasing the company's issued and paid capital to AED 1 billion aims to generate the funds required to finance the expected acquisitions and expansion.

One of the reasons behind raising the company’s capital is its partners' desire to increase their stakes, in addition to increasing the shareholders, Buamim added.

Gulf Navigation’s board also approved a proposal to increase the company’s capital to AED 1 billion by offering AED 448.3 million tradable rights.

After the final approval of the capital hike, the company will start studying three potential acquisitions in the domestic and global markets, Buamim revealed.

An acquisition deal is expected to be closed in the UAE in the first quarter of 2018, the top official noted.   

The Dubai Financial Market-listed company is planning to increase its fleet to 26 boats by 2021 to boost its operations, Buamim concluded.

Translated by: Muhammad Khalid