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31 10 2018
In accordance with the agenda of the General Assembly announced on October 30, 2018, the reference number "GNHGroup / 2018 / DFM / 0177" contains a special decision regarding the examination of the Sukuk issue. Islamic of an amount of 100 million AED. For Zawahiri Investment & Real Estate WLL Development Company. ("Sukuk"), we would like to clarify the following:
1. The proposal to issue Islamic Sukuk fits in the continuity of the capital increase implemented earlier this year: the Gulf Navigation Holding Group has announced its intention to increase its capital and to grant it a maximum value of AED 448 million through the placement of priority rights The subscription was extended from February 11 to March 1, 2018. The total value of the subscribed shares of AED 367,542,584 is divided into 367,542,584. shares with a par value of 1 AED per share and no issue premium.
2- The amount of the capital increase was equal to 82% of the issued shares, ie 367,542,584 shares with a par value of 1 AED per share and no issue premium, thus the paid-up capital of the company from AED 551 666 666 to AED 919 209 250 divided into 919 209 250 shares with a par value of AED 1 per share The authorized share capital of the Company is AED 1 000 000 000 (1 billion of AED) and was approved by the General Assembly in 2016.
3. In accordance with the company's strategy of growth and expansion of services by progressively increasing the size of its fleet, depending on the capacity of the contracts and proposed expansion plans, the Board of Directors will: The administration examined the need to complete the process of increasing paid-up capital in order to provide liquidity supporting development plans. The strategy of the group, previously announced with strategic partners, was to double the number of vessels in its fleet and to increase to 20 by 2020. Based on the above, the company has proposed the following: issue of 100 million Islamic Sukuk. AED n AED through a private placement in favor of the corner Oasis Investment and Real Estate Development Company WLL The transfer to shares of the Company is required at the conversion rate of 1 AED per instrument.
4. The company wishes to clarify that the conversion price of the Islamic Sukou was initially set at 1 AED per instrument on the basis of the issue price of the priority rights issued in March 2018. It was 1 AED per share and, as shareholders and investors, the subscription of all the shares issued at the time was extended, despite the extension of the subscription period allowing investors to invest in the company. (1 AED per share) pursuant to the rights issue issued in March 2018.
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About Gulf Navigation Holding:
Gulf Navigation Holding PJSC is a fully integrated and synergistic company that is the only specialized maritime and maritime shipping company to be listed on the Dubai financial market since February 2007 under the symbol "GULFNAV". The company is headquartered in Dubai with branches in Fujairah, Khorfakkan and Abu Dhabi, a branch office abroad in Saudi Arabia and operational offices in more than 9 countries. It has a fleet of chemical carriers, oil tankers and giant operational support vessels. The company will also double its fleet, which will increase to 20 ships by the second quarter of 2020. Certified ISO 9001: 2008 and certified by Peruviritas, it is committed to complying with the requirements of the International Vessel Management Act. the Prevention of Pollution Prevention and Control Act; The company is constantly improving and developing its operations and providing high quality services to local and international markets, providing new opportunities to improve existing customer service and attract new customers.
© Press Release 2018
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