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Gulf Navigation Holding PJSC, a shipping and maritime logistics company listed on the Dubai Financial Market, has received approval from the Securities and Commodities Authority to issue new shares and convert mandatory convertible bonds into shares. This is part of the final steps in acquiring Brooge Energy Limited. The approval follows resolutions from the company's General Assemblies to increase share capital from AED 837,695,625 to AED 3,520,241,080. This includes converting AED 500 million in bonds into 454,545,455 shares for existing shareholders, issuing 358,841,476 new shares to Brooge Energy Limited, and issuing 2.336 billion mandatory convertible bonds to Brooge Energy Limited. The approval also follows the transfer of ownership of Brooge’s subsidiaries to Gulf Navigation, as per a Share Purchase Agreement. Coordination with the Dubai Financial Market is complete, and the new shares are expected to be listed on 21 November 2025.

Watania International Holding (PJSC) has released its unaudited condensed interim consolidated financial information for the period ending 30 September 2025.

On November 14, 2025, a correspondence was addressed to Mr. Hamed Ahmad Ali, CEO of the Dubai Financial Market, and H.E. Waleed Saeed Al Awadhi, CEO of the Securities and Commodities Authority in Abu Dhabi, regarding the activation of a capital increase for Gulf Navigation Holding PJSC. The letter referenced resolutions from the company’s General Assembly Meetings on March 13 and July 10, 2025. These resolutions included approval from shareholders to increase capital through the issuance of AED 500,000,000 in mandatory convertible bonds at AED 1.10 per bond, which are to be converted into shares within three months. These bonds are exclusively for current shareholders, with major shareholders committing not to subscribe except for remaining bonds not taken up by minor investors in the last two days of the subscription period. Additionally, the shareholders approved a capital increase by issuing 358,841,476 new shares to Brooge Energy Limited, with a one-year lock-up period from the date of issuance.

On November 12, 2025, Watania International Holding (PJSC) held a Board of Directors meeting starting at 4:00 PM. During the meeting, the board approved the financial statements for the third quarter ending September 30, 2025, and discussed routine business matters. The meeting details were documented by Nawal Ma’ally, the Board Secretary, with the official signature and company seal dated November 14, 2025.

Gulf Navigation Holding PJSC announced strong financial results for the first nine months of 2025, showing significant revenue growth, improved profitability, and a strengthened balance sheet. The company's revenue increased by 35% to AED 81.6 million, driven by higher fleet utilization and better performance in vessel chartering. Gross profit reached AED 13.8 million, a turnaround from a loss of AED 12.7 million in the same period last year. Net profit was AED 4.6 million, compared to a loss of AED 23.6 million previously. Total assets grew by 75% to AED 1.29 billion, and total equity increased by 140% to AED 913 million, supported by the issuance of AED 500 million in Mandatory Convertible Bonds. Interest-bearing borrowings were AED 146.4 million following refinancing on improved terms. The results reflect improved operational efficiency and liquidity, positioning the company for future growth and strategic expansion, including the ongoing Brooge acquisition.

On 14 November 2025, the Board of Directors of Gulf Navigation Holding PJSC held a meeting. During this meeting, they approved the interim financial statements for the nine-month period ending 30 September 2025. Additionally, they approved regular matters and other business activities of the company. The communication is signed by Ali Abouda, the Chief Finance & Operation Officer of Gulf Navigation Holding PJSC.