Latest Threads
Check out what has been happening in the community
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.
The General Assembly of Gulf Navigation Holding PJSC was held on March 13, 2025, both in person at the Novotel Hotel in Dubai and electronically. The assembly made several resolutions: 1. They approved the presentation concerning the acquisition transaction and the increase in share capital, which involves the conversion of mandatory convertible bonds into shares to acquire companies and assets owned by Brooge Energy Limited. 2. They did not approve the valuation report prepared by an independent valuer appointed by the Securities and Commodities Authority, and the implications of this valuation were presented to the shareholders and the company. 3. They approved the valuation report prepared by the company's advisor for both the company and the acquired companies, with the Board of Directors recommending shareholder approval of this valuation.
Arqaam Capital and First Abu Dhabi Securities have issued an analyst coverage report on GFH Financial Group B.S.C. shares. The report, which is attached, includes recommendations, estimates, forecasts, and opinions provided by third-party analysts for informational purposes only. These recommendations do not represent an endorsement or financial advice from GFH Financial Group and are subject to continuous review and change. There is no expected financial impact from this announcement. The announcement is signed by Mariam Jowhary, Head of Compliance & AML, and includes the company seal.
Al Salam Bank B.S.C. announced that on March 13, 2025, it sold 55,000,000 treasury shares on the Bahrain Bourse. This transaction reduced the bank's total holding of treasury shares from 100,932,001 to 45,932,001, representing 1.672% of the issued share capital. The information was communicated to both the Bahrain Bourse and the Dubai Financial Market. The announcement was made by Ali Yusuf Al Khaja, the Head of Compliance and MLRO, and included the company seal.
GFH Financial Group announced that it has purchased 15,400,300 of its own treasury shares, increasing its total treasury shares from 313,630,323 (8.18% of total issued shares) to 329,030,623 (8.59% of total issued shares) as of March 13, 2025. The decision to purchase these shares was made during a board of directors meeting on March 24, 2024, and received approval from the relevant authority on February 16, 2025. The average purchase price was 0.3138 USD per share, representing 0.402% of the issued capital. There are 54,228,760 shares remaining for potential future purchase. The announcement was made by Mariam Jowhary, Head of Compliance & AML.
Emirates Investment Bank PJSC invites its shareholders to the Annual General Meeting on April 16, 2025, at 11:30 AM at the Bank's head office in Dubai or via Zoom. The agenda includes reviewing and approving reports on the Bank's activities, financial position, and auditors' report for the financial year ending December 31, 2024. Shareholders will discuss the balance sheet, profit and loss statements, and the proposal to not distribute dividends. Other items include blocking board members' remuneration, discharging or holding board members and auditors liable, appointing auditors for 2025, electing two new board members, and considering a waiver on the cap for employee bonuses. A special resolution to amend the Articles of Association to have a board of nine members will also be discussed. Shareholders can delegate attendance through a proxy, and specific procedures for representation are outlined. The meeting can be attended remotely via Zoom, and only those owning shares as of April 15, 2025, can vote.
The text is a notification regarding an upcoming Board of Directors meeting for Sukoon Insurance PJSC. The meeting is scheduled for March 18, 2025, at 10:00 am, to be held at the company's head office in Deira, Dubai, and via the Teams platform. The agenda includes the election of the Chairman and Vice Chairman, appointment of board committees and the board secretary (pending approval from the Central Bank of the UAE), approval of underwriting performance and pricing reports as of December 2024, and general business matters. The notification is addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and a copy is sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.