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Thu 1 Mar 2007 12:00 AM

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GulfNav successfully floats on DFM

Gulf Navigation Holding, which specialises in the transportation of maritime crude oil, oil products and liquid chemicals, has listed on the Dubai Financial Market (DFM).

Gulf Navigation Holding, which specialises in the transportation of maritime crude oil, oil products and liquid chemicals, has listed on the Dubai Financial Market (DFM). The shares began trading on February 7 under the trading symbol ‘GulfNav'.

The company becomes the 48th to list on the DFM and the third company in the transportation sector.

Abdullah Abdulrahman Al Shuraim, chairman of Gulf Navigation Holding, said: "We are glad that our 46,000-strong family of GCC shareholders will now be able to trade their shares on the DFM, one of the region's leading stock exchanges. With strong fundamentals and aggressive expansion plans that will enhance shareholder value year-on-year, the board aims to make our company shares a must-have for the investor community."

Gulf Navigation Holding has a paid up capital of AED1.655 billion and made a net profit of AED52.57m last year, an increase of 47% year on year. Ownership of the company's shares is open to GCC nationals.