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Goldilocks fund buys 18.32 pct stake in Dubai-listed Gulf Navigation

Goldilocks Investment Co, an indirect subsidiary of Abu Dhabi Financial Group (ADFG), has acquired an 18.32 percent stake in Dubai-listed Gulf Navigation Holding, the company said late Monday.

The stake purchase is the latest investment by Goldilocks, who has been buying stakes in companies it sees as “undervalued” or in financial difficulties.

Gulf Navigation, a shipping company involved in marine transportation of commodities and chartering vessels, had posted losses in the past two quarters. The company’s stock tumbled 21.1 percent year-to-date.

The acquisition included a 4.68 percent stake in Gulf Navigation held through a share finance facility, the subsidiary said.

“Goldilocks will be actively collaborating with the management and the board of Gulf Navigation in order to drive an enhanced business performance,” it said.

Privately owned ADFG launched Goldilocks in 2015 as an investment fund with a mandate to invest in listed equities.

Earlier this week, Goldilocks said it had increased its ownership in Dubai-listed Islamic Arab Insurance Co, known as Salama, to 14.1 percent. It is also a shareholder in embattled commodities trader Noble Group.

“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 company stated.
Source: Reuters (Reporting by Tom Arnold, Editing by Alexander Smith and Sherry Jacob-Phillips)

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