Dubai, 15 September 2023 – In a significant achievement that underscores its expertise in capital markets, corporate finance and restructuring, IBRAHIM N. PARTNERS has successfully led the capital restructuring of Gulf Navigation PJSC. This complex and transformative undertaking involved reducing the issued share capital and extinguishing 50% of the company’s losses. Following this, Gulf Navigation PJSC issued convertible sukuk amounting to AED 220 million to increase the issued share capital by AED 200 million to become AED 837,695,625 (eight hundred thirty-seven million six hundred ninety-five thousand six hundred twenty-five). The newly issued Sukuk have been allocated to new investors.
Gulf Navigation PJSC, a leading maritime and shipping company based in the United Arab Emirates, embarked on this ambitious restructuring journey to strengthen its financial position, attract new investment, and position itself for future growth. IBRAHIM N. PARTNERS played a pivotal role in navigating the legal complexities of this multifaceted operation, ensuring that it complied with local regulations and international best practices, and leading the discussions with the Securities and Commodities Authority.
- Issued Share Capital Reduction: IBRAHIM N. PARTNERS spearheaded the reduction of Gulf Navigation PJSC’s issued share capital, a strategic move designed to optimize the company’s capital structure and enhance its financial resilience.
- Losses Extinguishment: our expert legal counsel and financial acumen led to the extinguishment of 50% of Gulf Navigation PJSC’s accumulated losses, a critical step in restoring the company’s financial health.
- Convertible Sukuk Issuance: As part of the capital restructuring process, Gulf Navigation PJSC successfully issued convertible sukuk worth AED 220 million. This issuance not only injected much-needed capital into the company but also positioned it for future expansion and investment opportunities.
Ahmed Ibrahim, Managing Partner at IBRAHIM N. PARTNERS, expressed his satisfaction with the successful completion of this complex restructuring: “We are honored to have played a pivotal role in Gulf Navigation PJSC’s journey towards financial recovery. This achievement underscores our commitment to providing comprehensive legal solutions that empower businesses to overcome financial challenges and chart a course toward sustainable growth.”
About Ibrahim N. Partners Law Firm:
IBRAHIM N. PARTNERS is a leading legal practice specializing in corporate finance, restructuring, and commercial law. With a commitment to excellence and a deep understanding of the regional and international business landscape, the firm provides clients with innovative legal solutions that drive success.
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