Gulf Navigation Holding PJSC (“GULFNAV”) the Dubai Financial Market listed maritime and shipping company, announced its financial results for the period ended 31 March 2022, reporting a Net Profit of 1.8 million dirhams. Furthermore, the newly elected board of directors have appointed His Highness Sheikh Theyab Bin Tahnoon Bin Mohammad Al Nahyan as Chairman of the Board, and Engr. Abdulla Atatreh as the Vice-Chairman.
Major Highlights in Q1:
Issuing 150 million Dirhams Mandatory Convertible Bonds
The Company has started the procedure for issuing Mandatory Convertible Bonds with a maximum value of up to 150 million dirhams, after the necessary approvals were obtained from the regulatory authorities and the shareholders at the annual general assembly meeting which is held in April 28 2022. This issuance aims to convert part of the company’s debt into shares, thus increasing the paid-up capital and reducing the ratio of accumulated losses to the capital below 50%.
Stock Buyback
Gulf Navigation Holding commenced working on its stock buyback plan, not exceeding 10% of the Company’s total shares, after it has fulfilled the conditions and requirements necessary by the regulatory authorities and obtaining the approval of shareholders at its annual general assembly meeting. The direction to repurchase some of its shares aims at supporting the stock and will contribute to enhancing investor confidence, which will lead to more stability and improve the market profitability for the stock in the future.
