Dubai – Mubasher: The board of Gulf Navigation Holding (GNH) has recommended re-purchasing 10% of the company's shares, following obtaining the necessary approvals.

The liquidity resulting from the insurance settlement related to the sinking of Gulf Livestock 1 and the excess liquidity from the debt refinancing process will be used to buy the company's shares, according to a press release on Thursday.

The board's proposal of the share buyback aims to support the stock during the current period and enhance investor confidence to achieve more stability and enhance the market profitability for the stock in the future.

Meanwhile, the board has considered the issuance of mandatory convertible Islamic Sukuk with a maximum value of up to $50 million to convert part of the company's debt into shares.

It is noteworthy to mention that in 2020, the company's net losses attributable to the owners declined to AED 278.929 million, compared to AED 324.932 million in 2019.