Gulf Navigation’s plans to stay afloat hit a fresh obstacle after the company failed to gain shareholder approval for its recovery plans.
The company announced yesterday that an extraordinary general meeting (EGM) scheduled to take place last Thursday has been postponed, after it failed to reach the required attendance of shareholders holding at least 50 per cent of the company’s capital. The meeting has been rescheduled for January 5.
“It’s very disheartening,” said Sandeep Kadwe, Gulf Navigation’s managing director. “We were only short by a couple of per cent.”
Gulf Navigation had sought shareholder approval in the meeting for the company to continue as a going concern, and for radical measures to ensure its continued survival.
These include the sale of its two very large crude carriers (VLCCs), a possible reduction of share capital to write off accumulated losses, the launch of convertible bonds to raise capital, and to increase the limit of shares available to foreign investors to 49 per cent for their current level of 20 per cent.
The Dubai-based shipping company last month posted a loss of Dh614.3 million for the third quarter of the year, attributable to a Dh292.8m impairment of goodwill and a write-off of Dh308.6m of the value it is expected to receive for the sale of its two VLCCs.
The VLCCs remain under arrest in Rotterdam and Bermuda, under the orders of creditors.
Mr Kadwe said that the company has signed a memorandum of agreeement with an interested buyer from outside the region for the sale of the vessels, declining to provide further details.
Gulf Navigation’s tankers have operated at a loss as a result of a global decline in tanker rates earlier in the year. Daily tanker rates averaged $7,397 in the first eight months of the year, in comparison with $229,484 in December 2007, according to data from Clarkson, the world’s biggest shipbroker.
The company’s attempts to sell off its tankers coincides with a surge in daily rates, which hit $50,801 per day on November 22, according to Clarkson.
“I wish we had the luxury to retain the vessels, but the current situation where they’re under arrest doesn’t allow it,” said Mr Kadwe.
“It is usual that towards the end of the year that the market picks up. How sustainable such an increase will be we don’t know.”
Last week’s meeting was the second attempt to hold an EGM, the first being on November 28.
Regulations from the Securities and Commodities Authority stipulate that an EGM is valid only if it is attended by shareholders representing at least 75 per cent of the company’s capital. This threshold is rarely achieved by UAE companies in the first instance.
If such a quorum is not achieved in the first meeting, a second meeting may be called to convene within 30 days with an attendance requirement of shareholders representing 50 per cent of the company’s capital.
If the 50 per cent quorum is not met, a third meeting, valid with any attendance figure, can be called to convene within 30 days of the second meeting.
jeverington@thenational.ae
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Paatal Lok season two
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The bio
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School: Year 8 pupil at Elite English School in Abu Hail, Deira
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Joker: Folie a Deux
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
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Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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SPEC%20SHEET
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Company profile
Date started: 2015
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Staff: 200
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KILLING OF QASSEM SULEIMANI
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Killing of Qassem Suleimani
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Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
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Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
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Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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