Rasmala raises AED 220 million equity in Gulf Navigation Holding PJSC

DUBAI, UAE, Oct. 23, 2023 /PRNewswire/ —  Rasmala Investment Bank Limited (“Rasmala”), a leading alternative investment manager, announces that it has arranged a successful capital 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.

Haroon Ahmad, CEO of Rasmala and Ahmad Kilani, CEO of GULFNAV

GULFNAV recently disclosed the details of its capital increase, resulting in the Company’s capital increasing by 31% to AED 838 million. This process involved the issuance of 220 million mandatory sukuk which were converted into 200 million shares. The capital increase is set to strengthen the Company’s operations, enabling it to acquire, manage, and maintain an advanced fleet of petrochemical tankers and positioning the company to better serve the evolving demands of the global energy and maritime markets.

This transaction builds on Rasmala’s expertise in capital raising, structuring and investments for our clients.

Haroon Ahmad, Chief Executive Officer of Rasmala, said: “This achievement is a testament to our dedication to providing exceptional financial solutions that empower our clients to achieve their strategic objectives. We look forward to serving more clients in capital raising and structuring. I want to express my gratitude to the GULFNAV team for placing trust in us as well as the Rasmala team for working tirelessly on this transaction for the past six months. “

Ahmad Kilani, GULFNAV’s Chief Executive Officer, added: “I am immensely grateful to Rasmala Team for their unwavering support and expertise in securing a vital 200 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 (“INP”) for playing a pivotal role in managing the legal aspects of the transaction and ensuring compliance with local regulations and international best practices. Lastly, I would like to extend my gratitude to the Securities and Commodities Authority (“SCA”) for their support throughout the entire capital restructuring process.”

With this substantial financial boost, GULFNAV is now well-positioned to expand its reach, enhance operational efficiency and invest in ambitious initiatives that will not only enhance the Company’s competitive edge but also contribute to a more sustainable and promising future for the industry.

About the Rasmala Group
Rasmala Group is a leading alternative investment manager operating in global markets since 1999. It invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations and government institutions. Rasmala Investment Bank Limited is based in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority (DFSA) and is a wholly owned subsidiary of the Rasmala Group. RIBL products and services are only made available to customers who RIBL is satisfied to meet the regulatory criteria to be “Professional Clients”, as defined by the DFSA. The significant subsidiaries of the Rasmala Group are referred to interchangeably as “Rasmala” and “the Rasmala Group”. For further details, please visit www.rasmala.com.

About Gulf Navigation Holding: Gulf Navigation Holding PJSC (“GNH”) is a fully integrated and synergized organization with a multifunctional business. It is the only maritime and shipping company listed in the Dubai Financial Market since February 2007 under the symbol “GULFNAV”. The company is headquartered in Dubai, with branch offices inside the port of Fujairah, Khorfakkan, Abu Dhabi and an overseas office in the Kingdom of Saudi Arabia. The company has a fleet of chemical tankers, livestock transport vessels, operation support vessels, marine services, and ship repair operations. As an ISO 9001:2015 certified company accredited by Bureau Veritas, GNH is committed to adhering to the requirements of the international management code for the safe operations of vessels, pollution prevention and environmental control, including compliance with all the applicable international laws, regulations, and requirements. GNH constantly works to upgrade its operations and provide high-quality services to local and international markets. This opens new opportunities to improve GHN’s services to existing customers while attracting new customers.

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