Tabarak Investment announced on Wednesday that it will go through with acquiring 32.92% of Gulf Navigation Holding’s stocks, according to the company’s statement.

The UAE Securities and Commodities Authority approved the deal earlier, and it will be done through Tabarak and its subsidiaries, the statement added.

Tabarak Investment will own 11% of Gulf Navigation, while Diamond Line General Trading, owned by Tabarak, will own another 11%, while Rock general trade, another subsidiary, will own 10.92% of the stocks.

Gulf Navigation Holding’s capital totals AED 551.67 million, distributed over 551.67 million shares, with a par value of AED 1 per share.