UAE's Gulf Navigation to issue $34mln Islamic sukuk 

Issuance will happen by way of private placement to qualified investors

Image used for illustrative purpose.

Image used for illustrative purpose.

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Shareholders of UAE’s Gulf Navigation Holding have approved the issuance of Islamic sukuk, with a total value of 125 million UAE dirhams ($34.03 million).

The decision was reached during the company’s general assembly meeting held on March 29.

The Dubai-listed maritime and shipping company said the issuance will happen by way of a private placement to qualified investors.

The total number of sukuk is 125 million and the issuance price per sak is 1 UAE dirham. Profit payments are pegged at 12 percent per annum, payable every six months.

The company’s board will be delegated the authority to determine the issuance date.

(Writing by Gerard Aoun; editing by Cleofe Maceda)

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