Press releases, Reports & Disclosures for Gulf Navigation Holding PJSC

GULFNAV announced its financial results for 2024, reporting a net loss of AED 20 million due to strategic investments aimed at enhancing long-term operations. The company focused on fleet modernization, operational efficiency, and eco-friendly technologies to comply with maritime regulations and sustainability standards. Despite short-term financial challenges, GULFNAV expects a recovery in petrochemical shipping demand in 2025. It received shareholder approval to acquire Brooge Energy Limited's assets for AED 3.2 billion, which includes new shares, convertible bonds, and cash, pending further approvals. GULFNAV aims to strengthen its financial health, optimize costs, and expand through strategic partnerships.

The Board of Directors of Gulf Navigation Holding PJSC held a meeting on March 27, 2025, and made several resolutions. They approved the audited financial statements for the year ending December 31, 2024. They also agreed to call for the annual general assembly meeting on April 30, 2025, subject to the approval of the Securities and Commodities Authority. The agenda for this meeting was approved, also pending the same approval. Additionally, the board recommended to the general assembly that no dividends be distributed for the financial year ending December 31, 2024. Finally, they recommended amending Article 43 of the company's articles of association regarding the method of announcing the general assembly meeting to align with governance regulations.

Gulf Navigation Holding PJSC (GULFNAV), a company listed on the Dubai Financial Market, announced that its shareholders have approved the acquisition of assets and companies owned by Brooge Energy Limited (BEL) for AED 3.2 billion. The approval was given at a General Assembly Meeting on March 13, 2025. The acquisition includes Brooge Petroleum and Gas Investment Company FZE and its related entities. This move is expected to enhance GULFNAV's capabilities and market position in the midstream oil & gas and logistics sectors. The transaction will be settled through a mix of cash, newly issued shares, and Mandatory Convertible Bonds (MCBs). New shares and MCBs will be issued to BEL, with additional MCBs offered to existing GULFNAV shareholders. A cash payment of AED 460 million is also part of the settlement. The acquisition is part of GULFNAV's strategy to strengthen its presence in the energy sector by expanding storage and logistics capabilities, leveraging BEL's advanced infrastructure to improve operations and add value for stakeholders.