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Gulf Navigation Holding approves foreign shareholding

Gulf Navigation Holding approves foreign shareholding

Dubai: An extraordinary general meeting of shareholders in Gulf Navigation Holding (GulfNav) approved the board's proposal to allow non-GCC nationals and institutions to hold shares up to 20% of the company. The move, aimed at broadening the GulfNav investor base to include expats living in the GCC, fund managers in non-GCC banks, etc, will be implemented following necessary regulatory approvals.

"We live in an era where inclusion of all sections of the population in economic development and especially in the financial markets is the need of the hour," said GulfNav chairman Engineer Abdullah Al Shuraim. "We cannot remain closed to business opportunities that committed investors bring with them, be they GCC nationals or expatriates. We have opened the doors to global funds, investment vehicles and individuals that are interested in diversifying their equity portfolios by investing in a company that has an excellent long-term outlook while being risk averse at the same time. We realize that new investors would demand a higher level of corporate disclosure and we are confident of providing that."

GulfNav announced a record profit of AED116.05m ($311.5m) in 2007, a 120.77% increase as compared to AED52.57m for 2006. The company started trading on the Dubai Financial Market February 07, 2007.  [21/04/08]