Atlantic Navigation Calls Off Equity Sale to Gulf Navigation
Atlantic Navigation Holdings said that discussions pertaining to sale of a substantial equity stake to Gulf Navigation Holding have terminated because the parties involved could not reach an agreement on the definitive terms.
"The deal calling for the sale of a substantial equity stake in Atlantic Navigation to Gulf Navigation Holding PJSC is no longer on the table," said a press release from the company.
In a stocke exchange announcement, Atlantic Navigation aid before Monday's trading hours it has entered into an US$8.5 million loan agreement, while a deal involving the sale of a substantial equity interest in the company is off the table.
Its wholly owned subsidiary, Atlantic Maritime Group Fze, has on March 28, signed a loan agreement with Mubarak Abdullah Al-Suwaiket for the grant of a loan with principal amount of US$8.5 million.
According to Strait Times, Atlantic Navigation's executive chairman and CEO, Wong Siew Cheong, has pledged as security for the loan to the lender, 50 million ordinary shares he held, equivalent to 19.2 per cent of the issued and paid up share capital of the listed group.