Gulf Navigation steers course for IPO

21 July 2006
The initial public offering (IPO) of shares in the local Gulf Navigation Group has been rescheduled to run from 24 July to 7 August. 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).
The initial public offering (IPO) of shares in the local Gulf Navigation Group has been rescheduled to run from 24 July to 7 August. 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).

The IPO will be open to all GCC nationals. Dubai-based Shuaa Capital is the lead manager, bookrunner and financial adviser (MEED 2:6:06).

Gulf Navigation recently acquired six double-hulled tankers for AED 500 million ($136 million) from Greece's Prime Tankers. The South Korean-made vessels weigh 48,000 dwt each, have a liquid capacity of about 50,000 cubic metres and can carry oil, products and ore. The acquisition takes Gulf Navigation's fleet to 18 wholly owned vessels.

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