Gulf Navigation Holding PJSC

Dubai-based maritime and shipping company, Gulf Navigation Holding PJSC (GULFNAV), has increased its stake in Gulf Navigation Polimar Maritime from 60% to 100% by acquiring the remaining 40% from the Turkish Polimar Holding Company. This move aims to boost revenues and expand its agency business. The company also announced that it has submitted a formal proposal to fully acquire Brooge Petroleum and Gas Investment Company (BPGIC) from Brooge Energy Limited. This proposal is currently under review with financial and legal advisors, and the company is waiting for necessary regulatory approvals.

On December 20, 2023, the Gulf Navigation Holding PJSC ("Company") announced that its Board of Directors will pass a resolution by circulation on December 25, 2023. The agenda includes approving the resignation of Mr. Ahmad Kilani from his board membership position as the Managing Director and appointing a new Board member to fill the vacant position. The Board will also consider the formation of an investment committee, the appointment of a Board Secretary, and discuss any other business. The communication was conveyed by Nader Muqbel, the Investor Relations Director at Gulf Navigation Holding PJSC.

On December 13, 2023, a communication was sent by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC, to H.E. Hamed Ahmed Ali, the CEO of Dubai Financial Market, and H.E. Dr. Maryam Buti Al Suwaidi, the CEO of Securities and Commodities Authority. The communication informed them about the postponement of the date for issuing a Board of Directors' resolution by circulation for Gulf Navigation Holding PJSC. This decision comes following the company's disclosure dated December 8, 2023, regarding passing a Board resolution by circulation.

On 12/12/2023, Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding, sent a clarification disclosure to H.E. Hamed Ahmed Ali, CEO of Dubai Financial Market, and H.E. Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority in Abu Dhabi. The disclosure referenced a previous announcement made on 08/12/2023 about the Board of Directors' resolution. The clarification stated that the members of the Audit Committee were appointed during the 8th meeting of the Board of Directors in 2023, which took place on 20/09/2023.

Gulf Navigation Holding PJSC (GULFNAV) and Scorpio Services Holding Limited (SSH) have established a joint venture called Black Marlin Ship Management & Operation L.L.C, based in Dubai. The partnership will focus on delivering ship management solutions for regional clients, leveraging the capabilities and experience of both companies. The venture will initially operate with eight vessels, four from each partner, and will offer a variety of services to cater to the specific needs of owners across multiple shipping sectors and operating models. The companies aim to improve operational efficiency, fill gaps in domestic maritime services, and provide high-quality services to their clients.