Press releases, Reports & Disclosures for Gulf Navigation Holding PJSC

The text is a formal communication regarding the resignation of Mr. Saif Al Rashdi from his position as a Board Member of Gulf Navigation Holding PJSC. His resignation is effective from Friday, October 25, 2024. The Board will consider approving his resignation and appointing a new Board member at the next meeting scheduled for Monday, October 28, 2024. The letter is signed by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC.

The text is a formal notification regarding a scheduled Board of Directors meeting for Gulf Navigation Holding PJSC. The meeting is set to take place on Monday, October 28, 2024, at 10:00 AM. The agenda includes regular company matters and any other business deemed necessary. The notification is addressed to H.E. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and H.E. Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority, both in the United Arab Emirates. The message concludes with a courteous closing from Nader Muqbel, the Investor Relations Director at Gulf Navigation Holding PJSC.

The document is a notification regarding an acquisition deal involving Brooge Energy Limited. It references a Board of Directors meeting held on September 25, 2024, where the board approved the acquisition of companies and assets owned by Brooge Energy Limited. The board has recommended the deal for approval by the General Assembly. The company has submitted all necessary documents to the Securities and Commodities Authority (SCA), which is currently reviewing them to protect shareholders' rights. Shareholders and the market will be updated on any developments once the authority's approval is obtained for convening the general assembly. Shareholders are advised to rely only on official sources for information and to contact the Investor Relations Department for accurate details about the deal or the company's activities. The notification is signed by Nader Muqbel, the Investor Relations Director of 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.