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Ajman Bank is no longer a significant shareholder of Dubai shipper Gulf Navigation following a series of direct deals on shares with a value of AED 173.4 million ($47.2 million) over the past month.
Dubai Financial Market (DFM) data shows a total of nine direct deals between 2.6 million and 9 million shares since March 5th.
Gulf Nav shareholders approved its $871 million acquisition of Brooge Energy Limited on March 14th.
Ajman Bank held 6.4% of shares of the Dubai-listed shipping company last year, but reduced its holdings to 5.6% by January 2025.
The DIFC-domiciled Poseidon Fund CEIC Limited is the remaining major shareholder of Gulf Nav and holds 23.8% of the shares, which closed at AED 5.49 on Wednesday.
Minority shareholders have been given first refusal for AED 500 million worth of mandatory convertible bonds (MCBs) as part of the Brooge acquisition.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
