United Arab Emirates-incorporated fund Goldilocks Investment has acquired an 18.3% stake in Dubai-based shipping company Gulf Navigation Holding.
The fund, which was launched in 2015 by Abu Dhabi Financial Group (ADFG), said that the share includes 4.6% held through a share finance facility, according to media reports.
“Goldilocks will be actively collaborating with the management and the board of Gulf Navigation in order to drive an enhanced business performance,” Reuters cited the company, which added that it would also support nomination of new members to the board.
The acquisition is the latest purchase by Goldilocks, that has been buying shares in undervalued or financially-struggling companies.
Reuters further cited the company as saying that it “continues to be highly active in identifying and securing compelling investment opportunities in the public markets as well as seeking out undervalued companies.”