Gulf Navigation Holding, a Dubai-listed company, announced that it has acquired 40% of the stake of Turkish-based Polymer Holding in Gulf Navigation Polymer Marine, a company specializing in marine agency and ship services.
This acquisition increases Gulf Navigation’s stake in Gulf Polymer Marine from 60% to 100%.
The acquisition aims at increasing revenue by expanding the company’s marine agency business.
In line with its strategy for the coming years and focusing on providing a comprehensive portfolio of logistics solutions.
Gulf Navigation Polymer Marine, a one-stop shop serves all ports and commercial terminals in the UAE.
Gulf Navigation Polymer Marine founded in 2017 as a result of a partnership between Gulf Navigation Holding and Polymer Holding.
The company headquarter is in Dubai and it has branches in Khorfakkan and Fujairah.
It is a one-stop shop that serves all ports and commercial terminals in the United Arab Emirates, providing services to all types of ships and cargo.
Over the past six years, the company has expanded its business.
The expansion reached to the point where it can serve its customers’ ships in most major commercial ports around the clock.
In addition to ports in the United Arab Emirates.
These services include all marine agency services, ship services, and marine products.
The company also manages the Gulf Navigation Holding marine agency fleet.
Which consists of four marine support ships and crew transfer vessels.
Acquiring More Shares.
It is worth noting that the company announced in October 2023 that it had submitted a formal offer.
In order to acquire all shares of Brugg Petroleum and Gas Investments.
Which is owned by Brugg Energy, a Nasdaq-listed company.
In this regard, the company confirmed that discussions are still ongoing between the two parties.
And also that work is underway with financial and legal advisors to complete the evaluation of the deal and obtain the necessary regulatory approvals.
The company has submitted a proposal regarding the acquisition structure to the Securities and Commodities Authority.
They discussed ways to enhance cooperation between the Authority and institutions and bodies concerned with the energy and water sector in Thailand, and discussed topics of common interest. pic.twitter.com/vx9peX3VZ0
— UAE Voice (@uae_voiceeng) December 26, 2023
The market will be informed of any developments in this regard in a timely manner.
The acquisition of Gulf Polymer Marine is a strategic move for Gulf Navigation Holding.
Because it will allow the company to expand its marine agency business and provide a wider range of services to its customers.
The acquisition will also strengthen the company’s position as a leading provider of logistics solutions in the Middle East.
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