Gulf Navigation Holding announced today the allocation percentages for its recently concluded Initial Public Offer (IPO) of AED 910 million. The allocation, conducted on a pro-rata basis, awarded subscribers for the first tranche of 273 million shares with 50.33 per cent of the shares applied for; while those for the second tranche of 637 million shares received 23.65 per cent.
The allocations were concluded on the 22 August 2006, and refunds commenced the following day, as per the offering prospectus.
Gulf Navigation Holding’s IPO subscription closed on August 07, 2006, collecting AED 3.1 billion, being oversubscribed by 3.5 times. The UAE Ministry of Finance and Industry subscribed to 5 per cent of the Company’s shares, the maximum percentage allowed to it in accordance with the Council of Ministers’ Resolution. The Ministry was allocated the full percentage prior to the allocation of shares to subscribers.
Commenting on the allocation, Mr. Abdullah Abdulrahman Al Shuraim, Chairman of the Board of Gulf Navigation Holding, said: “We are moving rapidly towards listing on the Dubai Financial Market.
“I am pleased to note that allocation of shares and refund of the excess funds went ahead as scheduled, and the allocations to new subscribers were substantial. I would like to personally invite our new shareholders to the Founding General Meeting in Dubai in September, and extend my thanks to the authorities, the lead manager, the receiving banks and the public for their confidence and support.”
Gulf Navigation Holding will convene its first Founding General Meeting on 14 September 2006, at the Jumeirah Emirates Towers at 7 p.m. At the meeting, the eleven-member board of directors will be elected, in addition to the Company’s auditors.
Gulf Navigation Holding, the region's rapidly growing oil and chemical carrier, operates 18 tankers through a fully-integrated organizational structure. Currently valued at US$ 2.3 billion, it provides the full spectrum of services for maritime liquid cargo transportation, maritime commercial agencies, vessels technical management and vessels in-port agency services.
About Gulf Navigation Holding:
Gulf Navigation Holding is an ISO 9001:2000 certified Dubai-based company and one of the leaders of the shipping and marine services industry in the region. It is a United Arab Emirates holding entity with operations worldwide and 11 specialised subsidiaries. The company owns and charters VLCCs, Chemical and Product Tankers. It is also the sole agent for a large number of global marine manufacturers.
For more information, please visit www.gulfnav.com or contact:
Noha Habib/ Sandeep Sharma, Promoseven Weber Shandwick,
Tel: +9714 3210077 Fax: +9714 3211711 or Email noha.habib@promoseven.com
