Shareholders of UAE’s Gulf Navigation Holding have approved the issuance of Islamic sukuk, with a total value of 125 million UAE dirhams ($34.03 million). The decision was reached during the company’s general assembly meeting held on March 29. The Dubai-listed maritime and shipping company said the issuance will happen by way of a private placement to qualified investors.
The total number of sukuk is 125 million and the issuance price per sak is 1 UAE dirham. Profit payments are pegged at 12 percent per annum, payable every six months.
The company’s board will be delegated the authority to determine the issuance date.