Rasmala Investment Bank Limited (“Rasmala”), a leading alternative investment manager, announced that it has arranged a successful equity raise for Gulf Navigation Holding PJSC (“GULFNAV”), a prominent player in the petrochemical tanker sector. This achievement represents a significant milestone in GULFNAV’s ongoing efforts to bolster its position within the maritime industry.
GULFNAV recently disclosed the details of their capital increasing by 31% to reach AED 838 million. This process involved the issuance of mandatory convertible sukuk which were converted into shares of GULFNAV. The capital increase is set to strengthen #GULFNAV’s operations, enabling it to acquire, manage, and maintain an advanced fleet of petrochemical tankers and positioning it to better serve the evolving demands of the global energy and maritime markets.
Haroon Ahmad, Chief Executive Officer of Rasmala, said: “This transaction emphasized Rasmala’s structuring expertise and capital raising capabilities. I want to express my gratitude to the GULFNAV team for placing their trust and collaborating with us on this transaction over the past six months. We look forward to serving more regional clients in structuring and placement transactions.”
Ahmad Kilani, GULFNAV’s Chief Executive Officer, added: “I am immensely grateful to the Rasmala team for their unwavering support and expertise in securing a vital 220 million dirhams investment. This significant capital injection not only fuels our growth but also propels us toward a future of sustainable excellence in the petrochemical shipping industry.”
“I would also like to take this opportunity to thank our legal advisors IBRAHIM N. PARTNERS for playing a pivotal role in managing the legal aspects of the transaction. Lastly, I would like to extend my gratitude to the Securities and Commodities Authority for their support throughout the entire capital restructuring process.”
In early October, Brooge Energy Limited (“Brooge”), a Nasdaq listed company (NASDAQ: BROG), announced that it had received a formal proposal submitted by GULFNAV to fully acquire all the businesses and assets of Brooge. Important to note that Brooge owns and operates 1 million cubic meter of oil storage facilities at Port of Fujairah, with the plan to expand the storage capacity, build a refinery and engage in renewable energy projects.
