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.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications