Latest news with #GulfNavigation
Zawya
11-06-2025
- Business
- Zawya
Gulf Navigation in deal to acquire Brooge Energy assets for $871mln
Gulf Navigation Holding, a leading maritime and shipping company listed on the Dubai Financial Market, has entered into a deal with Brooge Energy, a leading Cayman Islands-based crude oil, fuel oil and refined fuel products storage company, to formalise the sale and purchase agreement (SPA) in accordance with the acquisition structure that was previously approved by Gulfnav's shareholders in the March general assembly meeting, thus marking a key milestone in the AED3.2 billion ($871 million) strategic acquisition. This agreement finalises Gulfnav's acquisition of the assets and subsidiaries of Nasdaq-listed Brooge, including Brooge Petroleum and Gas Investment Company FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited. Following the signing of the Sale and Purchase Agreement, both parties will work closely to fulfill the remaining conditions required to complete the transaction, including securing final regulatory approvals, satisfying all contractual and legal completion terms, and executing the necessary corporate actions. As part of this process, Gulfnav will implement a capital increase, issue new shares to Brooge Energy Limited, and initiate a structured capital raising initiative through the issuance of Mandatory Convertible Bonds (MCBs). Upon completion, the focus will shift to operational integration to ensure a smooth transition and to unlock synergies across both organizations. All final conditions of the deal are expected to be completed before the end of the third quarter of 2025, subject to customary closing conditions. Signing the agreement reflects the continued commitment of both companies to transform the regional midstream oil and gas landscape. This transaction reinforces Gulfnav's strategy to become an integrated energy logistics powerhouse by significantly expanding its storage, terminal, and related infrastructure capabilities. The acquisition, involves a settlement structure comprising cash, newly issued shares, and Mandatory Convertible Bonds (MCBs). This includes: •Issuance of 358.8 million new shares to Brooge at AED1.25 per share, subject to a one-year lock-up. •AED2.33 billion in MCBs issued to Brooge, convertible at AED1.25 per share. •AED500 million in MCBs exclusively offered to Gulfnav's existing shareholders at AED1.1 per share. •A cash component of AED460 million. Founded in 2013, Brooge today it is one of the most technologically advanced companies in the crude oil storage services sector, as the company's facilities and terminals use advanced technologies consistent with the best international standards. It has strengthened its investments and presence in Fujairah being an important hub in oil storage and exporting. Gulfnav said this acquisition is expected to strengthen its market position and boost operational efficiency and competitive edge. It will also diversify the company's revenue streams and deepen relationships with key strategic partners in the energy sector, positioning Gulfnav to capitalize on future growth opportunities across local and regional markets. Through this strategic expansion, Gulfnav aims to enhance financial performance and deliver greater returns to its shareholders. "This signing marks a pivotal moment in our growth journey. This is more than an acquisition, it's a strategic integration that will allow us to unlock new opportunities in the energy logistics space," remarked its CEO Ahmad Kilani. "By combining our maritime capabilities with Brooge's cutting-edge infrastructure, we are well-positioned to deliver value to our customers, shareholders, and the UAE's broader energy ecosystem," he added. Trussbridge Advisory (DIFC) Limited acted as exclusive financial advisor to Gulfnav on the transaction. Pinsent Masons acted as the lead counsel, while Ibrahim & Partners advised on structuring and regulatory matters of the transaction. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
10-06-2025
- Business
- Trade Arabia
Gulf Navigation in deal to acquire Brooge Energy assets for $871m
Gulf Navigation Holding, a leading maritime and shipping company listed on the Dubai Financial Market, has entered into a deal with Brooge Energy, a leading Cayman Islands-based crude oil, fuel oil and refined fuel products storage company, to formalise the sale and purchase agreement (SPA) in accordance with the acquisition structure that was previously approved by Gulfnav's shareholders in the March general assembly meeting, thus marking a key milestone in the AED3.2 billion ($871 million) strategic acquisition. This agreement finalises Gulfnav's acquisition of the assets and subsidiaries of Nasdaq-listed Brooge, including Brooge Petroleum and Gas Investment Company FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited. Following the signing of the Sale and Purchase Agreement, both parties will work closely to fulfill the remaining conditions required to complete the transaction, including securing final regulatory approvals, satisfying all contractual and legal completion terms, and executing the necessary corporate actions. As part of this process, Gulfnav will implement a capital increase, issue new shares to Brooge Energy Limited, and initiate a structured capital raising initiative through the issuance of Mandatory Convertible Bonds (MCBs). Upon completion, the focus will shift to operational integration to ensure a smooth transition and to unlock synergies across both organizations. All final conditions of the deal are expected to be completed before the end of the third quarter of 2025, subject to customary closing conditions. Signing the agreement reflects the continued commitment of both companies to transform the regional midstream oil and gas landscape. This transaction reinforces Gulfnav's strategy to become an integrated energy logistics powerhouse by significantly expanding its storage, terminal, and related infrastructure capabilities. The acquisition, involves a settlement structure comprising cash, newly issued shares, and Mandatory Convertible Bonds (MCBs). This includes: •Issuance of 358.8 million new shares to Brooge at AED1.25 per share, subject to a one-year lock-up. •AED2.33 billion in MCBs issued to Brooge, convertible at AED1.25 per share. •AED500 million in MCBs exclusively offered to Gulfnav's existing shareholders at AED1.1 per share. •A cash component of AED460 million. Founded in 2013, Brooge today it is one of the most technologically advanced companies in the crude oil storage services sector, as the company's facilities and terminals use advanced technologies consistent with the best international standards. It has strengthened its investments and presence in Fujairah being an important hub in oil storage and exporting. Gulfnav said this acquisition is expected to strengthen its market position and boost operational efficiency and competitive edge. It will also diversify the company's revenue streams and deepen relationships with key strategic partners in the energy sector, positioning Gulfnav to capitalize on future growth opportunities across local and regional markets. Through this strategic expansion, Gulfnav aims to enhance financial performance and deliver greater returns to its shareholders. "This signing marks a pivotal moment in our growth journey. This is more than an acquisition, it's a strategic integration that will allow us to unlock new opportunities in the energy logistics space," remarked its CEO Ahmad Kilani. "By combining our maritime capabilities with Brooge's cutting-edge infrastructure, we are well-positioned to deliver value to our customers, shareholders, and the UAE's broader energy ecosystem," he added.
Yahoo
30-05-2025
- Business
- Yahoo
Brooge Energy Limited (BROG) to Divest Two Storage Units in $884M Gulf Navigation Deal
Brooge Energy Limited (NASDAQ:BROG) announced a definitive agreement to sell its core subsidiaries, BPGIC FZE and BPGIC Phase III FZE, to Gulf Navigation Holding PJSC. Valued at approximately $884 million, the deal indicates a significant change in the company's operational focus in a highly evolving energy logistics environment. A huge refinery and oil storage facility with high automated machinery for blending and circulation. As per the terms of the agreement, the transaction includes a mix of cash, newly issued Gulf Navigation shares, and mandatory convertible bonds. The latter accounts for close to 72% of the total consideration and signals Gulf Navigation's intent to expand its storage alongside its transport ecosystem. In addition to amendments to Gulf Navigation's foreign ownership restrictions, the deal's completion is also affected by the regulatory approvals and bondholder consents. Both parties anticipate closure within three months. As the deal progresses, further updates on shareholder distributions and regulatory filings are expected. The facilities being sold by the company are located at the Port of Fujairah. As such, they offer significant access to key maritime routes, thus potentially providing an uplift to Gulf Navigation's existing fleet operations. Gulf Navigation expects the new purchase to expand its service offerings. For Brooge Energy Limited (NASDAQ:BROG), the aim is to streamline its capital structure as well as resolve legacy liabilities tied to BPGIC Holdings Limited. Brooge Energy Limited (NASDAQ:BROG)'s divestiture comes after a week of extraordinary market performance, where the company's stock price went up by nearly 140%. Supported by strong insider ownership of close to 84% and notable institutional transactions amounting to 11%, the stock has surged by approximately 275% over the past year. While we acknowledge the potential of BROG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BROG and that has 100x upside potential, check out our report about the READ NEXT: 10 Unstoppable Dividend Stocks to Buy Now and 11 Oversold Global Stocks to Buy According to Hedge Funds Disclosure: None.
Yahoo
29-05-2025
- Business
- Yahoo
Brooge Energy Limited (BROG) to Divest Two Storage Units in $884M Gulf Navigation Deal
Brooge Energy Limited (NASDAQ:BROG) announced a definitive agreement to sell its core subsidiaries, BPGIC FZE and BPGIC Phase III FZE, to Gulf Navigation Holding PJSC. Valued at approximately $884 million, the deal indicates a significant change in the company's operational focus in a highly evolving energy logistics environment. A huge refinery and oil storage facility with high automated machinery for blending and circulation. As per the terms of the agreement, the transaction includes a mix of cash, newly issued Gulf Navigation shares, and mandatory convertible bonds. The latter accounts for close to 72% of the total consideration and signals Gulf Navigation's intent to expand its storage alongside its transport ecosystem. In addition to amendments to Gulf Navigation's foreign ownership restrictions, the deal's completion is also affected by the regulatory approvals and bondholder consents. Both parties anticipate closure within three months. As the deal progresses, further updates on shareholder distributions and regulatory filings are expected. The facilities being sold by the company are located at the Port of Fujairah. As such, they offer significant access to key maritime routes, thus potentially providing an uplift to Gulf Navigation's existing fleet operations. Gulf Navigation expects the new purchase to expand its service offerings. For Brooge Energy Limited (NASDAQ:BROG), the aim is to streamline its capital structure as well as resolve legacy liabilities tied to BPGIC Holdings Limited. Brooge Energy Limited (NASDAQ:BROG)'s divestiture comes after a week of extraordinary market performance, where the company's stock price went up by nearly 140%. Supported by strong insider ownership of close to 84% and notable institutional transactions amounting to 11%, the stock has surged by approximately 275% over the past year. While we acknowledge the potential of BROG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BROG and that has 100x upside potential, check out our report about the READ NEXT: 10 Unstoppable Dividend Stocks to Buy Now and 11 Oversold Global Stocks to Buy According to Hedge Funds Disclosure: None.
Zawya
28-05-2025
- Business
- Zawya
GulfNav's Brooge acquisition to boost income, slash costs
Dubai-based shipping firm Gulf Navigation Holding (GulfNav) expects an increase in come and lower costs following its acquisition of Brooge Energy. GulfNav's CEO Ahmed Al-Kilani said the merger would lead to the establishment of an integrated logistics company specialising in the transportation and storage of fuel, petroleum products, and petrochemicals. Kilani told CNBC Arabia satellite news TV that the GulfNav, which is specialised in the transportation of petroleum and petrochemical products, has recently overcome difficult condition due to weak liquidity and operational challenges. He noted that the company is now in a stable stage and preparing for a new phase of growth, adding that the Company's Board had two options-- either proceed with gradual expansion by strengthening operations and increasing the marine fleet, which would require a long time, or move towards a faster path through acquisition or merger, which was achieved through this deal with Brooge Energy. He said GulfNav possesses significant assets, including storage tanks for crude oil, petroleum products, and petrochemicals in the Port of Fujairah, which is a global strategic location for storage. He pointed out that these tanks rely on advanced technologies that enable effective operational integration between the two companies. 'This step will open new horizons in global markets and contribute to increasing revenues and reducing expenses due to the integration of services and assets.' Kilani said there are promising opportunities for expanding the operations of both Gulf Navigation and Brooge Energy, expecting Brooge to expand outside the UAE, amidst global moves towards clean energy. (Writing by Nadim Kawach; Editing by Anoop Menon) (
