Dubai-listed Gulf Navigation wins backing to sell tankers | The National:
"Gulf Navigation has won shareholder approval to sell its two super tankers as part of a plan to restructure the company in the face of crippling losses.
But that was not enough to stop the Dubai-listed company’s stock from dropping 6.9 per cent yesterday.
The plan will also involve the sale of convertible bonds and raising the company’s foreign ownership threshold.
The measures were approved by shareholders at an extraordinary general meeting held on Sunday.
The meeting was the company’s third attempt to win shareholder approval for the proposals, with previous meetings thwarted by a failure to reach the required quorum levels."
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