Gulf Navigation is a shipping company involved in marine transportation of commodities and chartering vessels.

Goldilocks Investment Company Limited on Tuesday announced that it has acquired an 18.32 percent stake in Gulf Navigation Holding.

This includes 4.68 percent held through a share finance facility, Goldilocks said, adding that it will be actively collaborating with the management and the board of Gulf Navigation to drive an ‘enhanced business performance’.

Goldilocks, an indirect subsidiary of Abu Dhabi Financial Group, will also support nomination of new members to the board, it said in a statement without giving a value for the transaction.

Gulf Navigation is a shipping company involved in marine transportation of commodities and chartering vessels, and has posted losses in the past two quarters.

“Goldilocks continues to be highly active in identifying and securing compelling investment opportunities in the public markets as well as seeking out undervalued companies,” the statement added.

Launched in 2015, Goldilocks is an investment fund with a mandate to invest in listed equities by taking a constructive activist role to unlock value. The fund is managed by ADCM Altus Investment Management Limited.

Source: Arabian Business