Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Gulf Navigation of Dubai to raise $40m via bonds

The conversion period will be for three months from the issuance date.
By TRENDS Desk
January 7, 2022 10:21 pm
  • According to a company disclosure on Friday the issuance of mandatory convertible bonds will begin on March 9, 2022
  • The plan to issue bonds will be taken up during the company’s general assembly meeting on Monday, January 31, 2022

Gulf Navigation Holding of Dubai intends to raise $40.8 million through convertible bonds, in order to restructure existing sukuks and other debts.

According to a company disclosure on Friday the issuance of mandatory convertible bonds, which will be by way of a private placement to existing sukuk holders and other creditors, will begin on March 9, 2022, the listed shipper’s disclosure to the Dubai Financial Market (DFM) stated.

The plan to issue bonds will be taken up during the company’s general assembly meeting on Monday, January 31, 2022.

“[The issuance is aimed at] restructuring of the existing sukuks and other debts of GNH by virtue of which those creditors wishing to swap voluntarily their existing sukuk certificates / debts subscribe to the new bonds,” the statement said.

The conversion period will be for three months from the issuance date.

[adinserter block="5"]

Most Read

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]