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Gulf Navigation's OGM to issue AED 125m Sukuk

Gulf Navigation's OGM to issue AED 125m Sukuk
The Sukuk has a five-year maturity from its issuance date
Gulf Navigation
GULFNAV
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Dubai – Mubasher: The ordinary general meeting (OGM) of Gulf Navigation Holding (GNH) has approved issuing five-year Sukuk at a total value of AED 125 million.

During the meeting, shareholders authorised the board to determine the Sukuk issuance date, with no guarantees or mortgages to be offered for the issuance, the company disclosed to the Dubai Financial Market (DFM) on Monday.

It is noteworthy to mention that in 2019, the company has incurred losses of AED 5.55 million, against AED 18.77 million profits in 2018.