Dubai-based Gulf Navigation Holding has appointed Al Ramz Corporation Investment and Development, listed in Dubai Financial Market as a Co-Bookrunner, to manage its rights issue in order to increase its capital to Dh1 billion ($272.26 million).

GulfNav is a fully integrated and synergised organisation with a multi-functional business.

Al Ramz Corporation was selected following the completion of all the final approvals from the Securities and Commodities Authority, said a statement.

Al Ramz Corporation indicated that in collaboration with the beneficiaries, it has completed preparations for the “Rights Issue” that will be issued on February 11 to continue until the end of February 22.

The shareholders registered in the company on February 1 will get the chance to buy the shares either fully or partially.

Gulf Navigation chose Al Ramz Corporation for being one of the most leading financial firms in the UAE providing its constant progress over the past years and its ability to maintain successful cooperation with many public shareholding companies.

In addition, the company has chosen Emirates NBD Capital Limited as the lead manager, Emirates NBD as the lead receiving bank and Ajman Bank as the receiving bank that will also provide financing opportunities for Gulf Navigation shares.

Khamis Juma Buamim, board member, managing director and Group CEO of the Gulf Navigation Holding Group, said: “We are witnessing a strategic transformation phase in our company and we are proud to represent a successful model for investment in the maritime and marine specialised services.”

“Our success depends primarily on building partnerships with leading companies in various fields. Therefore, our decision to appoint Al Ramz Corporation is based on our confidence in the company’s extensive knowledge and expertise in the capital market in the UAE,” he said.
 
Mohammad Al Mortada Al Dandashi, managing director, partner and director of Al Ramz Corporation Investment and Development, said: “We are proud that we have been selected by Gulf Navigation Holding to be the Co-Bookrunner for its ‘Rights Issue’.”

“The company’s performance and reputation in the financial market continue to attract investor’s interest and confidence in the company with every new project they launch. Signing this agreement is an important mile stone for the financial advisor and it is a start-up for the IPO management services that we offer to our clients,” he added.

Furthermore, Gulf Navigation Holding has increased its capital in response to its senior investors and strategic partner’s requests to increase their shares in the company, which will increase their returns, as well as providing more funds that will help the company expand its activities and develop its assets continuously.

Gulf Navigation Holding latest increase in assets was announced last week by refinancing two petrochemical carriers as part of the company’s plan to expand its fleet size to reach to 20 vessels by 2020, it stated. – TradeArabia News Service