Gulf Navigation has floated plans for a $250 million sukuk issuance, after reaching a settlement agreement with creditors over troubled loans.
The sukuk will be issued via public offering, redeemable at a profit rate of less than 10 per cent, the Dubai-based shipper said in a statement on the Dubai stock exchange.
Gulf Navigation's chief executive, Khamis Buamim, declined to discuss the timing of the issuance or what the funds would be used for when contacted by The National, saying that more details would be shared following the plan's approval by shareholders.
The sukuk proposal is to be discussed at Gulf Navigation’s annual general meeting, scheduled for April 19 in Dubai, alongside the approval of its partnership with Polimar Turkish, announced in January.
Gulf Navigation shares rose by as much as 2 per cent in early Tuesday trading.
The company in February announced a settlement with a series of creditors over two defaulted loans, which had been used to acquire two oil tankers.
The two Very Large Crude Carriers (VLCCs) – the Gulf Sheba and the Gulf Eyadah – were subsequently sold to DHT Holdings of Bermuda for US$98 million in September 2014, after being seized on the order of creditors in late 2013.
Gulf Navigation announced its best annual results for eight years in February, thanks to an improvement in spot tanker rates and the reclassification of liabilities.
jeverington@thenational.ae
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
SPEC%20SHEET
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Part three: an affection for classic cars lives on
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
COMPANY PROFILE
MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
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- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
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Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
ARSENAL IN 1977
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Feb 15 Middlesbrough 3-0 Arsenal
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Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)
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Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
The specs
Dengue%20fever%20symptoms
On Women's Day
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TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
%20Ramez%20Gab%20Min%20El%20Akher
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Directed by: Fede Alvarez
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