UAE-Based Gulf Navigation Set to Issue AED 125 Million Sukuk
Dubai based shipping and logistics company, Gulf Navigation (GN) has received shareholders’ approval to issue AED 125 million Sukuk through a private placement.
Funds raised from the five-year non-convertible Sukuk are expected to be used for the settlement of dues to suppliers, payment of overdue salaries, advance payments to preserve contractual obligations and to meet capital expenditure requirements, among others.
In a recent statement by GN, it stated that the Sukuk issuance will be offered to qualified investors only, while some of the existing shareholders are also being earmarked as qualified investors for the Sukuk.
GN owns and operates a fleet of chemical tankers, livestock transport vessels and offshore support vessels, as well as providing marine and ship repair services.