Atlantic Navigation in talks to sell stake to UAE firm

OFFSHORE supply operations firm Atlantic Navigation announced before market hours on Wednesday that the company and its major shareholder are in talks with Gulf Navigation Holding (GulfNav), a maritime and shipping company headquartered in Dubai, for a potential sale of a substantial equity stake in Atlantic.

The proposed transaction may comprise of a sale of shares from a major shareholder of the company and/or issuance of new shares from the company.

The proposed stake in the company is subject to satisfactory due diligence, and approval of a definitive investment agreement by both directors and majority shareholders of both companies. Approval of regulators in the respective jurisdictions will also be required.

Atlantic will be seeking the consent and approval of its senior lenders for the proposed transaction prior to the finalisation of an agreement.

The company will make further announcements when there are material developments.