Dubai: Gulf Navigation Holding has received regulatory approval to convert $60m (220m AED) of bonds into shares to settle its debt.
The company has been working on a turnaround and restructuring plan since last year.
Shares in Gulf Navigation fell to 0.409 AED today, a decrease of 4.88% (0.021 AED) on the previous day.
Gulf Navigation is the only maritime and shipping company listed on the Dubai Financial Market. It owns and operates four MR chemical tankers. [16/10/14]