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GNH’s shareholders approve AED 150m convertible bonds issue, capital hike

GNH’s shareholders approve AED 150m convertible bonds issue, capital hike
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Gulf Navigation
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Dubai – Mubasher: The general assembly meeting of Gulf Navigation Holding (GNH) has approved the issuance of mandatory convertible bonds at a value of up to AED 150 million through a private placement.

The move aims to restructure existing Sukuk and other debts, according to a recent company disclosure.

GNH noted that it will offer the new convertible bonds to the existing Sukuk holders and other creditors who may want to swap their existing Sukuk certificates and subscribe to the new bonds.

The company will issue up to 150 million bonds at a conversion price of 33.33 fils per share.

The conversion period will be three months from the issuance date that will be on 9 March, with a lockup duration of one year.

The shareholders also approved to increase the capital by up to AED 450 million distributed over 450 million shares to become AED 1.46 billion.