New investors must keep their company’s shares locked in for one year.
Dh
0.63
/share
Gulf Navigation stock is at a 52-week low. And what is the current price? Dh7.19
The company’s share price is currently AED 7.19, a 52-week high of AED 7.5. This is a significant increase from the 52-week low of Dh0.63. Clearly, investors have been impressed with the turnaround plan the company has put in place over the past year or so, including writing off past losses.
Gulf Navigation recently made a bold bid to acquire Bruj Petroleum and Gas Investment Company, which has extensive interests in the Fujairah property. It is involved in the storage of crude oil products, heavy oil, refined fuel products and crude oil extraction.
“Gulf Navigation clearly sees fit to include Brugge in its portfolio, perhaps capitalizing on the company’s growing interest in serving energy customers’ fleet needs through its oil tankers. ”, said an analyst tracking the stock. “There are synergies given that Bruj has storage facilities for bulk liquids such as petroleum and petrochemicals in Fujairah.”
6.3
million barrels of oil
Bruges oil storage capacity
Gulf Navigation plans to raise funds through a combination of cash and stock if approvals fail. It is hoped that permission will be granted this quarter itself. At the time of the announcement, the company’s managing director, Ahmed Kilani, said: “This anticipated strategic step represents a new stage in our growth journey. Although we are still in the early stages, we believe this expansion will contribute to the further expansion of our customer base.” . ”
With a higher capital base, Gulf Navigation could certainly land the Bruges.