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.