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Abu Dhabi’s Goldilocks fund acquires 18% stake in Dubai-listed Gulf Nav

Abu Dhabi’s Goldilocks fund acquires 18% stake in Dubai-listed Gulf Nav

Goldilocks was launched in 2015 with the goal of becoming an activist investor in listed equities

The Abu Dhabi-based Goldilocks Investment Company said on Monday it had acquired an 18.32 per cent stake in Dubai-listed shipping firm Gulf Navigation Holding.

The fund, managed by ADCM Altus Investment Management, said the stake included 4.68 per cent held through a share finance facility.

“Goldilocks will be actively collaborating with the management and the board of Gulf Navigation in order to drive an enhanced business performance. Goldilocks will also support nomination of new members to the board,” according to a statement.

Goldilocks was launched in 2015 by Abu Dhabi Financial Group with the goal of becoming an activist investor in listed equities to unlock value.

It has targeted firms it considers undervalued or in financial trouble.

Gulf navigation posted a third quarter loss of Dhs3m compared to a Dhs12m profit in the same period last year. Its shares are down more 20 per cent in year-to-date terms.

The company has said it aims to double its fleet size to 20 vessels by 2020 and increase revenues by 300 per cent by 2021 through a restructuring plan supported by a $250m sukuk issuance.

Read: Dubai’s Gulf Nav down after confirming rights issue

Goldilocks also said this week it had increased its stake in Dubai-listed Islamic Arab Insurance (Salama) to 14.1 per cent.

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