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Positive and healthy subscription levels in Gulf Navigation Holding offering

United Arab Emirates: Thursday, August 03 - 2006 @ 13:46

The Gulf Navigation Holding IPO opened on the 24th of July and will close on the 7th of August. On offer is 55% of the Company’s share capital, a total of 910 million shares at a par value of AED1.0 per share in addition to AED0.2 as offering costs. SHUAA Capital is the lead manager, financial advisor and book runner of the offering.

Rody Yared, Vice President Capital Markets – Syndicate, said:

“The figures indicate healthy subscription levels as Gulf Navigation Holding is a solid Company with a track record of continuous growth and profits. The positive feedback we have had from investors came as a reflection of their confidence in the performance of the Company to date and the robust future outlook for the oil industry and its related services.”

“Also, the figures come as to reflect the fact that there is still a lot of liquidity in the market and an appetite for IPO’s that has not been dampened by the performance of the financial markets in the region.”

Karim Schoeib, Vice President Investment Banking Advisory, said: “Gulf Navigation Holding is a leader in the maritime crude, oil products and liquid chemicals transportation industry. The Company operates through a fully integrated organizational structure, which provides the full spectrum of services for maritime liquid cargo transportation, maritime commercial agencies, vessels technical management and vessels in-port agency services.”

Proceeds from the IPO will go towards the expansion of the fleet of Gulf Navigation Holding and the scope of its operations and services. The Company plans to list its shares on the Dubai Financial Market.

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Thursday, August 3- 2006 @ 13:46 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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