14-07-2025
Gulf Navigation raises $136mln from MCB offering
Gulf Navigation Holding has completed its AED 500 million mandatory convertible bond (MCB) offering, with total subscriptions exceeding AED 520 million from eligible shareholders.
The shareholders subscribed for the transaction through Emirates NBD, according to a press release.
The bonds were offered at AED 1.10 per bond and will be converted into shares on or before 29 October 2025.
In line with Gulf Navigation's AED 3.20 billion strategic acquisition of Brooge Energy Limited's assets and companies, the offering directly supports the company's vision to expand into the regional energy infrastructure sector.
The proceeds from the MCBs will fund the cash component of the acquisition, while the remaining consideration will be settled through the issuance of nearly 359 million new shares to Brooge at AED 1.25 per share. This is subject to a one-year lock-up.
Meanwhile, an additional AED 2.30 billion in MCBs issued to Brooge, convertible at AED 1.25 per share, will also have a one-year lock-up post-conversion.
Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation, stated: 'We will continue to focus on completing the next phases of the transaction and strengthening GULFNAV's role as an integrated logistics solutions provider in the region.'
He added: 'We remain fully committed to executing the acquisition as planned, integrating the new assets seamlessly, and delivering long-term operational and financial value to our shareholders.'
The DFM-listed company asserted that the second tranche, mainly reserved for major shareholders, will not be opened as the full amount was raised in the first tranche. The subscription process is now officially closed, and no further applications will be accepted.
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