GULFNAV Successfully Completes Mandatory Convertible Bond Offering ... Over AED 500 million Raised to Support Strategic Acquisition
Press Release:
Dubai, UAE, 14 July 2025: Gulf Navigation Holding PJSC (“GULFNAV”), a leading maritime and shipping company listed on the Dubai Financial Market, announced the successful completion of its AED 500 million Mandatory Convertible Bond (MCB) offering, with total subscriptions exceeding AED 520 million from eligible shareholders who subscribed through the lead receiving Bank – Emirates NBD. The bonds were offered at AED 1.10 per bond and will be converted into shares on or before 29 October 2025.
The offering represents a key component of GULFNAV’s AED 3.2 billion strategic acquisition of Brooge Energy Limited’s assets and companies (“Brooge”), and directly supports the Company’s vision to expand into the regional energy infrastructure sector. The AED 500 million raised through the MCBs will fund the cash component of the acquisition, while the remaining consideration will be settled through the issuance of approximately 359 million new shares to Brooge at AED 1.25 per share (subject to a one-year lock-up), and an additional AED 2.3 billion in MCBs issued to Brooge, convertible at AED 1.25 per share, also with a one-year lock-up post-conversion.
His Highness Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation Holding, stated: “This offering marks a significant step toward executing the acquisition. It reflects the strong confidence our shareholders have in the Company’s vision to grow in the energy infrastructure space. We will continue to focus completing the next phases of the transaction and strengthening GULFNAV’s role as an integrated logistics solutions provider in the region.”
His Highness added: “On behalf of the Board of Directors, I extend my sincere thanks to all shareholders who participated in the offering for their continued support and trust. I also wish to express our appreciation to our partners, advisors, and regulatory stakeholders for their critical role in the success of this issuance. 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 Company confirmed that the second tranche, originally 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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About Gulf Navigation Holding:
