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Goldilocks Investment Company, a fund launched in 2015 by Abu Dhabi Financial Group (ADFG), bought an 18.3 per cent stake in Dubai-based shipper Gulf Navigation Holding for an undisclosed sum.
The fund invested in Gulf Navigation through a share finance facility, it said on Tuesday.
“Goldilocks will be actively collaborating with the management and the board of Gulf Navigation in order to drive an enhanced business performance,” it said. “Goldilocks will also support the nomination of new members to the board.
ADFG, an Abu Dhabi investment firm that which manages more than $20 billion in assets including those of its controlled entities, is a majority shareholder in Dubai investment bank Shuaa Capital and also has stakes in Bahraini investment bank GFH Financial Group and Sharjah-based energy group Dana Gas.
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It has been investing heavily in publicly listed companies in the last few years. It devised a turnaround strategy for Shuaa, which recorded in 2017 its strongest full-year net profit since 2007.
Goldilocks also acquired a 29.49 per cent stake in Takaful Emarat - Insurance, its second recent acquisition in the insurance sector.
It said on Monday it increased its stake in Dubai-listed Islamic Arab Insurance Company, known as Salama, to 14.05 per cent from 9.92 per cent for an undisclosed sum, bringing Goldilocks and ADFG’s combined holding to 29.92 per cent in the insurer.
Gulf Navigation said last month it had received shareholder approval to issue Dh100 million Sharia-compliant bonds as part of its capital increase drive and will use the proceeds to expand its operations.