The UAE-based Goldilocks Investment Company has reached an agreement with Gulf Navigation, one of the region’s leading shipping and maritime companies, to acquire a total 18.32% stake in the business. This includes 13.64% of Gulf Navigation’s capital, now owned by the Goldilocks Fund, as well as a 4.68% holding previously registered to Mashreq Securities.
First established in 2015, Goldilocks is a subsidiary of Abu Dhabi Financial Group, and specialises investing in underperforming stocks, as well as companies that are going through financial challenges. The company says it is now working with the Gulf Navigation management team and its board of directors to develop a strategy for enhancing the performance of the business. Goldilocks is also planning to nominate new members to the Gulf Navigation board over the coming weeks.
Gulf Navigation has also confirmed that the Abu Dhabi-based Tabarak Investment Group’s holding in the company is now effectively 19.42%, following its purchase of a further 1.22% of the share capital. Tabarak also has full rights as the principal shareholders of 18.2% of Gulf Navigation’s shares registered under the name of Ajman Bank.