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GulfNav acquires Gulf Navigation Polimar:UAE-based maritime and shipping company GulfNav has snapped up Turkish Polimar Holding ’s 40% stake in its maritime services subsidiary Gulf Navigation Polimar Maritime, according to a press release published last Wednesday. The move hands GulfNav full ownership of the subsidiary, according to the statement. The acquisition was valued at USD 1 mn, according to a Dubai Financial Market disclosure (pdf).
Gulfnav’s plans with the company: The company is looking to expand the scope of the subsidiary’s operations to provide more integrated logistics solutions, the DFM disclosure said.
About Gulf Navigation Polimar Maritime: Established in 2017, the Dubai-based Gulfnav subsidiary arose out of a partnership between Gulfnav and Turkish Polimar Holding. The company has its headquarters in Dubai, with offices in Khorfakkan and Fujairah, and offers maritime services at terminals and commercial ports in the UAE, handling all vessels and cargo types.
Updates on Gulfnav’s bid to acquire BPGIC: Gulfnav submitted a proposal for the structure of the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company (BPGIC) to UAE watchdog Securities and Commodities Authority. The company had submitted a proposal to fully acquire the company from Nasdaq-listed Brooge Energy back in October 2023. Discussions between Brooge Energy and Gulfnav are ongoing, with the pair working with advisors to complete an evaluation of the transaction and obtain regulatory approvals, Gulfnav said in an update attached to its statement. The acquisition was initially expected to close in 4Q 2023.
