Gulf Navigation is looking to remove restrictions on foreign ownership of its stock it revealed today as it reported a first half loss linked in part to preparations for IMO 2020.
The Dubai Financial Market-quoted company is presently only able to have 49% of its shares in the hands of overseas investors.
Its board has now requested this be adjusted to introduce a 100% limit on foreign ownership.
Gulf Nav is chaired by Saeed Mubarak Rashed Al-Hajeri of the Abu Dhabi Investment Authority and the change is being made ahead of the introduction of new laws next year, it explained.
UAE-based Goldilocks Investment Company is the shipowner’s best-known investor after buying in late last year.
Bloomberg lists two other shareholders, Ajman Bank and Oasis for Investment & REA.
The development was revealed as Gulf Nav reported a first half loss of AED 28m ($7.5m), fueled in part by off-hire days around dry-dockings for 10-year special surveys.
“We continue to work on the turnaround for GNH,” the chairman said in a statement.
“The board has approved refinancing of certain liabilities, which we expect to improve the cash flow situation and clear long outstanding issues.
“Furthermore, we are preparing for the upcoming IMO 2020 regulations with the installation of scrubbers and completion of special survey this year.”
