Rasmala raises AED 220 million equity in Gulf Navigation Holding PJSC

Haroon Ahmad (CEO, Rasmala, left) with Ahmad Kilani (CEO, GULFNAV, right)

 
Dubai, October 23, 2023: 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.

Contact
For more information, please contact:
Sara Abukhadra, Client Solutions
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media@rasmala.com

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. RIBL and its group entities (together and separately, “Rasmala”) does and may seek to do business in securities covered in the above holding. Rasmala or Funds and Portfolios managed by Rasmala may own positions in the securities referenced in this document. As a result, users should be aware that the firm may have a conflict of interest that could affect the objectivity of this document. Investors should consider this as only a single factor in making their investment decision. Rasmala and its respective employees, directors and officers shall not be responsible or liable for any liabilities, damages, losses, claims, causes of action, or proceedings (including without limitation indirect, consequential, special, incidental, or punitive damages) arising out of or in connection with the use of this document or any errors or omissions in its content. 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 GULFNAV 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.