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FINANCIAL NEWS
UAE’s Gulf Navigation cuts two-third of its capital
10 Jul 2014
(MENAFN) UAE shipper Gulf Navigation had cut its capital by two-third and covered USD300 million of its accumulated losses in part of its plan to solve its debt issues, according to Arab News.
The company said that its capital was cut from USD451 million to USD149.98 million.
The company has been in negotiations with creditors after oversupply hit the oil tanker business and transport rates plummeted.
Shareholders approved in January measures to turn around the company, which included the reverse stock split, issuing a USD130 million convertible bond and selling two of its very large crude carriers (VLCCs).
More News
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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