PHOTO
GulfNav, the Dubai-based shipping and maritime company, is moving ahead with a capital increase through the issuance of mandatory convertible bonds for 500 million UAE dirhams ($136 million).
The issuance will be priced at AED 1.10 per bond, which will be converted into shares within three months from issuance. These will be allocated exclusively to current shareholders, with major shareholders only able to subscribe to whatever remains of these bonds during the last two days of the subscription period.
GulfNav, which is listed on the Dubai Financial Market (DFM), said it will disclose the dates concerning the activation of the capital increase following SCA approval.
(Writing by Bindu Rai, editing by Brinda Darasha)
