{"id":75849,"date":"2024-01-02T00:00:00","date_gmt":"2024-01-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/01\/02\/gulfnav-fully-acquires-subsidiary-gulf-navigation-polimar-submits-brooge-acquisition-structure-proposal\/"},"modified":"2024-01-02T00:00:00","modified_gmt":"2024-01-02T00:00:00","slug":"gulfnav-fully-acquires-subsidiary-gulf-navigation-polimar-submits-brooge-acquisition-structure-proposal","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/01\/02\/gulfnav-fully-acquires-subsidiary-gulf-navigation-polimar-submits-brooge-acquisition-structure-proposal\/","title":{"rendered":"GulfNav fully acquires subsidiary Gulf Navigation Polimar + submits Brooge acquisition structure proposal"},"content":{"rendered":"

GulfNav acquires Gulf Navigation Polimar<\/strong>:<\/strong>UAE-based maritime and shipping company GulfNav<\/a> has snapped up Turkish Polimar Holding<\/a> \u2019s 40% stake in its maritime services subsidiary Gulf Navigation Polimar Maritime, according to a press release<\/a> 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)<\/a>.<\/p>\n

Gulfnav\u2019s plans with the company:<\/strong> The company is looking to expand the scope of the subsidiary\u2019s operations to provide more integrated logistics solutions, the DFM disclosure said.<\/p>\n

About Gulf Navigation <\/strong>Polimar<\/strong> Maritime:<\/strong> 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. <\/p>\n

Updates on Gulfnav\u2019s bid to acquire BPGIC:<\/strong> Gulfnav submitted a proposal for the structure of the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company (BPGIC)<\/a> to UAE watchdog Securities and Commodities Authority<\/a>. The company had submitted a proposal to fully acquire the company from Nasdaq-listed Brooge Energy<\/a> back in October<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company fully acquired its marine services subsidiary for USD 1 mn<\/p>\n","protected":false},"author":1,"featured_media":75850,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[941],"tags":[191,137,123,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-gulf-navigation","tag-ma-watch","tag-shipping-maritime","tag-uae","wpautop","entry"],"acf":{"mongo_id":"5da4d7d8-fb11-4388-b8ea-ff93766649c4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/20.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GulfNav fully acquires Gulf Navigation Polimar + submits Brooge acquisition structure proposal","related_issue":[75839],"teaser":"The company fully acquired its marine services subsidiary for USD 1 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.f152d6ff-6b4f-47c2-bcf5-4f3a4624996c.mp3"},"yoast_head":"\nGulfNav fully acquires subsidiary Gulf Navigation Polimar + submits Brooge acquisition structure proposal - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/logistics\/2024\/01\/02\/gulfnav-fully-acquires-subsidiary-gulf-navigation-polimar-submits-brooge-acquisition-structure-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GulfNav fully acquires subsidiary Gulf Navigation Polimar + submits Brooge acquisition 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