Gulf Navigation foreign ownership

[sharewadi]

Gulf Navigation (GULFNAV) EGM on 14 April 2008 (postponed from Gulf Navigation EGM 30 Mar 2008) approved foreign ownership limit up to 20%.

ESCA still have to do their thing. I don't know if that takes days or months. I'd worry it was the latter.

Gulf Nav could be one to put on the worth considering list. From what I remember, basic fundamentals look attractive.

Gulf Navigation 14 April 2008:

Approved to amend the Articles of Association in order to allow non- GCC nationality to own shares in Gulf Navigation Holding up to a maximum of 20% and amend the by-law and Article of Association of the Company accordingly, and authorize the chairman of the Company Mr Abdullah Al Shuraim to finanlize all required procedure to implement that resolution provided that the mentioned resolution will be applicable as from the date of having approval from competent authority.

DFM 15 April 2008:

GULFNAV: Announces the resolutions of its EGM held on 14/04/2008

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[lala]

hi
sharewadi

is it true that we can buy gulfnav from tommorow means expetriates can buy?a article in amieninfo today,plz reply me soon(very important)
thx
lala

[sharewadi]

You mean the press release from Gulf Navigation? I saw it today also. I was going to post it here but didn't bother because it sounded like the same as the news last week (except with more words ).

Gulf Navigation still have to get approval from ESCA and the Economic Department as far as I know, or something like that, so expats still have to wait for a bit. I don't know how long these things take.

I might try and buy some tomorrow just to see what happens though.

There was no excitement in their shares after the EGM last week. I thought they looked like a good buy. But what does the market know that I don't ?
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[sharewadi]

[sharewadi]

DFM 05 May 2008:

(GULFNAV) Gulf Navigation: Approval for foreigners to hold & trade with company’s shares up to 20%

Document says all relevant approvals received and asks Dubai Financial Market (DFM) to take action so approval is effected from today (05 May 2008).

Couple of recent topics about Gulf Navigation...

Gulf Fanatir new tanker deliivered - 04 May 08
GULFNAV 2008 Q1 profit AED 45m +86% 30 Apr 2008
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