Gulf Navigation IPO set for July

02 June 2006

The initial public offering (IPO) of shares in the local Gulf Navigation Group is due to run from 15-29 July. The timing has been approved by the Economy & Commerce Ministry.

The company plans to offer 55 per cent of its capital, equivalent to AED 910 million ($248 million), with shares priced at AED 1 ($0.27) and an offering charge of AED 0.02 ($0.01). The IPO will be open to all GCC nationals. Shuaa Capital is the lead manager, bookrunner and financial adviser (MEED 5:5:06).

Gulf Navigation specialises in the shipping of crude and oil and chemical products. It is expanding its fleet and has long-term shipping contracts with International Shipping & Transportation Company, a subsidiary of Saudi Basic Industries Corporation (Sabic), and Norway's Stolt-Nielsen Transportation Group.

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