Gulf Navigation Holding EGM approves 20% foreign shareholding

The company will now obtain necessary regulatory approvals to make this proposal a reality.

The Extraordinary General Meeting attended by the company board and key shareholders, aimed to broaden the investor base of the company. The key motion that was adopted, allows expats living in the GCC as well as fund managers in non-GCC banks, amongst others to invest in the company that is listed on the Dubai Financial Market.

Commenting on the rationale behind the move, Engineer Abdullah Al Shuraim, Chairman, Gulf Navigation Holding PJSC, said, "We live in an era where inclusion of all sections of the population in economic development and especially in the financial markets is the need of the hour. We cannot remain closed to business opportunities that committed investors bring with them, be they GCC nationals or expatriates.
'We have opened the doors to global funds, investment vehicles and individuals that are interested in diversifying their equity portfolios by investing in a company that has an excellent long-term outlook while being risk averse at the same time. We realize that new investors would demand a higher level of corporate disclosure and we are confident of providing that."

GULFNAV announced a record profit of Dhs116.05m in 2007 compared to Dhs52.57m for 2006, up by 120.77%.with total assets of Dhs2.69bn, the company AGM approved distribution of 7 fils per share as dividends for the year 2007.

The company with a capital of Dhs1.655bn started trading on the Dubai Financial Market February 07, 2007. It is the 48th company to list on the DFM and the third company trading in the transportation industry sector.