Gulf Navigation Holding PJSC is activating a 23.33% capital increase following the conversion of AED 754.4 million in mandatory convertible bonds (MCBs) into 603,540,729 shares.
The company's total share capital will rise from AED 2,586,713,159 to AED 3,190,253,888, with the activation set for February 27, 2026, after trading hours.
Trading of the new shares is scheduled to begin on March 2, 2026, and all converted shares are subject to a 12-month lock-up period from the date of conversion.
The capital increase follows the acquisition of Brooge Energy Limited and has received necessary approval from the Capital Market Authority (CMA).