Dubai tanker owner Gulf Navigation is back on the fundraising trail.
It is aiming for a capital increase through the sale of unsecured convertible Sharia-compliant sukuk bonds.
This will be for up to AED 100m ($27.22m). The issue will carry no interest.
The sukuk will be privately placed to qualified instituional investors, it said.
In March, the owner completed a rights issue worth $100m, but decided not to press ahead with a public offering of stock.
