Dubai – Mubasher: Gulf Navigation Holding on Wednesday said it expects to launch its AED 448.33-million capital top-up in the first quarter of 2018.

The capital hike comes in response to demand from investors, shareholders and other major strategic partners who are looking to raise their shares in the company, Gulf Navigation revealed.

It added that after the increase, its capital will amount to AED 1 billion distributed across 1 billion shares at AED 1 per share without an issuance premium.

“The capital increase will also support the company’s expansion plans, [leading it] to secure more profits,” Gulf Navigation said in a statement.

In 2017, Gulf Navigation’s asset value grew 12% to AED 117 million ($32 million) compared to figures from 2016.

The capital hike will also support the board’s expansion plans, which include doubling the company’s fleet size to 20 vessels by 2020.

On Tuesday, Gulf Navigation CEO Khamis Juma Khamis Buamim told Mubasher that the capital top-up will generate the funds required to finance acquisitions and expansion, including a Q1-18 acquisition.

“This expansion will transform the company into a one-stop-shop provider of shipping and maritime services globally,” the statement indicated.