Dubai’s Gulf Navigation issues 220mln convertible sukuk to new investors

Dubai-based ship operator Gulf Navigation Holding has issued 220 mandatory convertible sukuk to new investors, with a one-year lock-in period.

The sukuk will be converted to 200 million shares at a price of 1.10 dirhams ($0.29), the only crude shipper listed on the Dubai Financial Market said in a regulatory filing on Friday.