Gulf Navigation Holding PJSC

Gulf Navigation Holding PJSC (GULFNAV) announced key decisions by its Board of Directors regarding the acquisition of assets from Brooge Energy Limited, a NASDAQ-listed company specializing in the storage of crude oil and refined fuel products. The Board approved strategic terms for the acquisition and a capital increase, which will be presented to shareholders after approval from the Securities and Commodities Authority. This acquisition aligns with GULFNAV's strategy to expand its logistical services in the oil, gas, and petrochemical sectors. Brooge, headquartered in Fujairah, has a storage capacity of one million cubic meters and aims to double this capacity. The Board also approved the auditors' report and financial statements for 2023, along with the acquisition's structure and payment mechanism, which includes cash payments, mandatory convertible bonds, and new shares. A capital increase of approximately 448.5 million dirhams was approved to facilitate the acquisition.

Gulf Navigation Holding PJSC, a maritime and shipping company listed on the Dubai Financial Market, reported a net loss of AED 24.7 million for the first half of 2024. Despite the loss, the company has made strategic decisions and investments to strengthen its fleet and improve operational efficiency and sustainability. Two petrochemical tankers underwent maintenance and upgrades to extend their operational life by five years, enhancing revenue and efficiency. The company is also focusing on reducing carbon emissions in line with UAE directives and International Maritime Organization regulations. These initiatives are expected to improve long-term shareholder value and operational efficiency. Additionally, the company anticipates increased demand for petrochemical shipping services in the second half of the year. The Board of Directors also noted progress in the anticipated deal with Brooge Energy Limited, which is expected to move forward in the coming weeks with necessary approvals. The acquisition will be paid through a combination of cash, mandatory convertible bonds, and new shares.

On 24 July 2024, a Board of Directors meeting for Gulf Navigation Holding PJSC was held. The meeting took place at 10:00 am and included discussions and approvals of regular company matters and other business. The official communication was addressed 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. The notice was signed by Nader Muqbel, Investor Relations Director of Gulf Navigation Holding PJSC.

The text is a formal notification from Gulf Navigation Holding PJSC regarding an upcoming Board of Directors meeting. The meeting is scheduled for Wednesday, 24 July 2024, at 10:00 am. The agenda includes regular matters and any other business of the company. The notification is addressed 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, both located in the United Arab Emirates. The letter is signed by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC.

The text is a formal communication from Gulf Navigation Holding PJSC, dated 1 July 2024, addressed 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 letter informs them about a Board of Directors meeting scheduled for 3 July 2024 at 3:00 pm. The agenda for the meeting includes considering the resignation of Mr. Mazen Jaber Al Dahmani from his position as a Board Member and appointing a new member, discussing updates on the acquisition of companies and assets owned by Brooge Energy Limited, including transaction settlement through cash, issuance of mandatory convertible bonds, and new shares, and reviewing the valuation report related to the transaction. Additionally, the meeting will cover regular company matters and any other business. The letter is signed by Nader Muqbel, Investor Relations Director at Gulf Navigation Holding PJSC.

Gulf Navigation Holding PJSC has announced that its Board of Directors will issue a resolution by circulation on Wednesday, 3 July 2024, at 3:00 PM. The agenda includes considering the resignation of Mr. Mazen Jaber Al Dahmani from his position as a Board member and appointing a new Board member to fill the vacant position. Additionally, the Board will address regular matters and any other business of the Company.

On 28 June 2024, Gulf Navigation Holding PJSC announced the resignation of Mr. Mazen Jaber Al Dahmani from his position as a Board member, effective 27 June 2024. The announcement was addressed 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. The communication was signed by Nader Muqbel, Investor Relations Director.

On June 11, 2024, Gulf Navigation Holding PJSC held a Board of Directors meeting. The following decisions were made: 1. Accepted the resignation of Mr. Mohamed Abdulrahman Amiri from his position as Vice Chairman. 2. Approved the appointment of Mr. Ahmad Kilani as a new Executive Board member, subject to approval at the upcoming general assembly meeting. 3. Elected Dr. Abdulrahman Mahmoud AlAfifi as the new Vice Chairman of the Board. 4. Discussed updates on the acquisition of companies and assets owned by Brooge Energy Limited, presented the results of legal and financial due diligence, and authorized Mr. Ahmad Kilani to negotiate and sign the Term Sheet. 5. Approved regular matters and other business of the Company. The communication was signed by Nader Muqbel, Investor Relations Director at Gulf Navigation Holding PJSC.