Gulf Navigation Holding, a Dubai-listed maritime and shipping company, has acquired 40% of the Turkish Polimar Holding Company's stake in Gulf Navigation Polimar Maritime, increasing its own stake from 60% to 100%.

Set up in 2017, Gulf Navigation Polimar Maritime is based in Dubai and specialises in maritime agency services, serving all terminals and commercial ports in the UAE and handling several types of vessels and cargos.

This acquisition aims to increase revenues by expanding the scope of agency business in line with the company's strategy for the coming years and focusing on providing a portfolio of integrated logistics solutions, according to a statement from Gulf Navigation Holding.  

In October, Gulf Navigation announced its plans to fully acquire Brooge Petroleum and Gas Investment Company, a subsidiary of Nasdaq-listed fuel and crude storage provider Brooge Energy Limited.

On Wednesday, the company confirmed that it has submitted a proposal regarding the structure of acquisition to the Securities and Commodities Authority.

(Writing by Seban Scaria seban.scaria@lseg.com; editing by Daniel Luiz)