Gulf Navigation Holding Company announced today, Wednesday, the activation of its capital increase on the Dubai Financial Market, after completing all requirements and procedures.
According to the Dubai Financial Market, the company's capital was increased by 31.36 percent, from 637.7 million dirhams to 837.7 million dirhams.
The company explained that the new shares will be subject to a trading ban period of one year until October 10, 2024.
It is noteworthy that the General Assembly of the Gulf Navigation Company agreed, during its meeting last September, to increase the company’s capital through a special issuance of 220 million sukuks, which are mandatory to be transferred to new investors.
These sukuks will be converted into 200 million shares at a conversion price equivalent to 1.20 dirhams, and their capital will be increased to 837.7 million dirhams instead of 637.7 million dirhams.
