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The new investors need to maintain a 1-year lock in on their shares.
Dh
0.63
/share
The Gulf Navigation stock’s 52-week low. And the price now? Dh7.19
The company’s stock is currently at Dh7.19 and with a 52-week high of Dh7.5. That’s quite a climb from the 52-week low of Dh0.63. Clearly, investors have been impressed with the turnaround the company has scripted in the last year or so, including writing off its legacy losses.
Recently, Gulf Navigation made a bold pitch to buy out Brooge Petroleum and Gas Investment Co, which has extensive interests on the ground in Fujairah. It’s into the storage of crude oil products, fuel oil, refined fuel products and crude oil extraction.
“Obviously, Gulf Navigation sees a good fit having Brooge in its portfolio, possibly aimed at utilising its growing interests in servicing energy clients’ fleet needs through its oil tankers,” said an analyst tracking the stock. “There is synergy when you consider Brooge has storage facilities in Fujairah for bulk liquid, like oil and petrochemicals.”
6.3
million barrels of oil
Brooge’s capacity for oil storage
Gulf Navigation intends to use a mix of cash and stock to finance the deal, if the approval is bagged. The expectation is that the clearance will be got this quarter itself. In making the announcement, Ahmed Kilani, the company’s Managing Director, said: “This anticipated strategic step represents a new stage in our growth journey. While we are still at an early stage, we believe the expansion would contribute to further broadening our customer base.”
With the higher capital base to back it, Gulf Navigation sure can land the Brooge.
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