Atlantic Navigation up more than 30% since Sunday news of likely majority acquisition

SINGAPORE (Jan 31): Shares of integrated offshore supplier Atlantic Navigation Holdings have surged over 30% by 4 cents this week since Sunday’s announcement of its possible majority stake acquisition by Dubai-listed Gulf Navigation Holding PJSC (GulfNav).

Atlantic is the provider of marine logistic services, ship repair, fabrication and other marine services. With total assets of $177 million, it operates out of the United Arab Emirates (UAE) and serves primarily customers in the Middle East and Asia.

The group also owns a 50% share in a consortium to undertake a US$45 million deconstruction project with a Middle Eastern NOC.

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