Maridive board of directors have agreed to sell a $37 million stake to UAE-based investor, Najjad Zeeni, who will be owning a 12.8% of the company, Egypt Oil & Gas reports.

Zeenni who is Chairman, CEO and a 25%-Shareholder in Maridive’s subsidiary Valentine will acquire 60 million shares in Maridive. Meanwhile, Valentine will become 100% owned by the parent company, instead of being 75% owned by it.

The transaction will increase Maridive’s capital with $24.3 million, reaching $188.1 million instead of from $163.8 million.

“[It is] a very positive transaction that reiterates management and shareholders confidence in the future of the company and industry,” Maged Nadim, CCO of Maridive Group, told Egypt Oil & Gas.

Maridive Group Chairman, Tarek Nadim, said, “his acquisition of this stake is a major vote of confidence in Maridive’s continued ability to leverage its team and its modern asset base to create lasting value for stakeholders.”