Dubai – Mubasher: Gulf Navigation Holding on Wednesday announced appointing Al Ramz Corporation Investment and Development as co-bookrunner for its rights issue on the Dubai Financial Market (DFM).

Through its rights issue which will begin on 4 February, Gulf Navigation is looking to increase its capital to AED 1 billion.

The company made the appointment after receiving the necessary approvals from the UAE’s Securities and Commodities Authority (SCA).

Commenting on the new appointment, Gulf Navigation Holding board member, managing director, and group CEO Khamis Juma Buamim stated that his company was “witnessing a strategic transformation phase.”

Gulf Navigation shareholders registered on 1 February will be entitled to buying shares in the rights issue either fully or partially, an official statement showed.

Gulf Navigation also selected “Emirates NBD Capital Limited as the Lead Manager, Emirates NBD PJSC as the Lead Receiving Bank and Ajman Bank as the Receiving Bank that will also provide financing opportunities for Gulf Navigation shares.”

“We are proud to represent a successful model for investment in the maritime and marine specialised services,” Buamim further said, adding that his company’s success relied on its partnerships with leading companies in various fields.

“Our decision to appoint "Al Ramz Corporation" as a Co-Bookrunner is based on our confidence in the company’s extensive knowledge and expertise in the capital market in the UAE,” the top official concluded.

Both Gulf Navigation and Al Ramz Corporation are listed on the DFM.