Gulf Navigation to raise Dh100m through sukuk

Gulf Navigation is looking to raise Dh100 million through the sale of convertible Shariacompliant bonds as part of its capital increase drives. The company will privately place the bond to Wahat Al Zaweya Investment & Real Estate Development company, it said in a statement to the Dubai Financial Market, where its shares are traded. The company did not say when it plans to execute the transaction or what the pricing of the deal, which will convert into company’s shares on maturity, will be. The move follows the company’s Dh448.33m rights issue in March, it said. That issue was 82 per cent subscribed and the company only issued 367.54m new shares with face value of Dh1 per share, pushing Gulf Navigation’s paid-up share capital from Dh551.66m to Dh919,2m.