Rasmala announces $500 million Poseidon Fund exit

Poseidon Fund delivers over 8x return to participating shareholders

Rasmala Investment Holdings (DIFC) Limited (“Rasmala” or “Rasmala Holdings”), an independent, alternative investment group, announced that Poseidon Fund (CEIC) Limited (“Poseidon Fund”), managed by its subsidiary Rasmala Investment Bank Limited (“RIBL”), and regulated by the DFSA, has delivered a return of over 8x to its participating shareholders through an in-kind distribution, marking one of the group’s largest and most significant transactions in the last 24 months.

Poseidon Fund is a DIFC-based investment fund that was established to increase DFM-listed Gulf Navigation Holding PJSC's (“GulfNav”) capital base and support its strategic growth initiatives. RIBL structured and managed GulfNav’s USD 59.9 million (AED 220 million) issuance of Mandatory Convertible Bonds (MCBs), which was then converted into 200 million ordinary shares of GulfNav at a price of AED 1.10 per share, turning Poseidon Fund into GulfNav’s largest shareholder. 

The Fund’s investors included leading UAE-based family offices, high-net-worth individuals, and financial institutions. The exit coincides with GulfNav’s planned USD 871 million (AED 3.2 billion) acquisition of Brooge Energy Limited (“Brooge”).

Ali Taqi, CFA, Deputy CEO of Rasmala Investment Bank Limited, said: “We are extremely pleased with the investor returns and successful transfer of shares, and I highly appreciate my team’s dedication in delivering this accomplished exit. The transaction showcases our expertise in structuring sophisticated deals and delivering bespoke investment solutions that support our clients’ growth ambitions. We see significant opportunity in extending growth capital to GCC-based companies and leveraging our deep understanding of both private and public markets to help them achieve their next stage of development.”

GulfNav’s acquisition of Brooge remains on track for completion, following the signing of the Sale and Purchase Agreement in May and the successful $136 million MCB issuance in July. The transaction is expected to be settled through cash, new shares, and mandatory convertible bonds, with Brooge having delisted from Nasdaq as part of the process.

Rasmala Holdings

Rasmala Holdings is the parent company of RIBL, an independent alternative investment manager serving Gulf-based investors, including family offices, corporates, insurance companies, banks, and other financial institutions. RIBL is regulated by the DFSA.