Latest news with #BroogeEnergy
Arabian Business
2 days ago
- Business
- Arabian Business
GulfNav raises $136.15mn through oversubscribed MCB offering
Gulf Navigation Holding (GulfNav) has successfully raised AED 500 million (US$136.15 million) through an oversubscribed Mandatory Convertible Bond (MCB) offering. The money raised will form a key component of the company's AED 3.2 billion (US$870 million) acquisition of Brooge Energy Limited and supports the company's vision to expand into the regional energy infrastructure sector. Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation Holding, commented: 'This offering marks a significant step toward executing the acquisition. It reflects the strong confidence our shareholders have in the company's vision to grow in the energy infrastructure space. We will continue to focus on completing the next phases of the transaction and strengthening GulfNav's role as an integrated logistics solutions provider in the region.' GulfNav strengthens position with Brooge deal The Brooge acquisition was approved by GulfNav shareholders on 13 March this year, and the agreement was signed on 28 May. The bonds were offered at AED 1.10 each and will be converted into shares on or before 29 October 2025. Total subscriptions exceeded AED 520 million from eligible shareholders who subscribed through Emirates NBD, the lead receiving bank. The AED 500 million raised through the MCBs will fund the cash component of the acquisition, while the remaining consideration will be settled through the issuance of approximately 359 million new shares to Brooge at AED 1.25 per share (subject to a one-year lock-up), and an additional AED 2.3 billion in MCBs issued to Brooge, convertible at AED 1.25 per share, also with a one-year lock-up post-conversion. Founded in 2013, Brooge is one of the most technologically advanced companies in the crude oil storage services sector. It has strengthened its investments and presence in Fujairah and become an important hub in oil storage and exporting. The Brooge acquisition is expected to strengthen GulfNav's market position and boost its 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.
Zawya
3 days ago
- Business
- Zawya
Gulf Navigation raises $136mln from MCB offering
Gulf Navigation Holding has completed its AED 500 million mandatory convertible bond (MCB) offering, with total subscriptions exceeding AED 520 million from eligible shareholders. The shareholders subscribed for the transaction through Emirates NBD, according to a press release. The bonds were offered at AED 1.10 per bond and will be converted into shares on or before 29 October 2025. In line with Gulf Navigation's AED 3.20 billion strategic acquisition of Brooge Energy Limited's assets and companies, the offering directly supports the company's vision to expand into the regional energy infrastructure sector. The proceeds from the MCBs will fund the cash component of the acquisition, while the remaining consideration will be settled through the issuance of nearly 359 million new shares to Brooge at AED 1.25 per share. This is subject to a one-year lock-up. Meanwhile, an additional AED 2.30 billion in MCBs issued to Brooge, convertible at AED 1.25 per share, will also have a one-year lock-up post-conversion. Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation, stated: 'We will continue to focus on completing the next phases of the transaction and strengthening GULFNAV's role as an integrated logistics solutions provider in the region.' He added: 'We remain fully committed to executing the acquisition as planned, integrating the new assets seamlessly, and delivering long-term operational and financial value to our shareholders.' The DFM-listed company asserted that the second tranche, mainly reserved for major shareholders, will not be opened as the full amount was raised in the first tranche. The subscription process is now officially closed, and no further applications will be accepted. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
GULFNAV successfully completes mandatory convertible bond offering
Dubai, UAE: Gulf Navigation Holding PJSC ('GULFNAV'), a leading maritime and shipping company listed on the Dubai Financial Market, announced the successful completion of its AED 500 million Mandatory Convertible Bond (MCB) offering, with total subscriptions exceeding AED 520 million from eligible shareholders who subscribed through the lead receiving Bank – Emirates NBD. The bonds were offered at AED 1.10 per bond and will be converted into shares on or before 29 October 2025. The offering represents a key component of GULFNAV's AED 3.2 billion strategic acquisition of Brooge Energy Limited's assets and companies ('Brooge'), and directly supports the Company's vision to expand into the regional energy infrastructure sector. The AED 500 million raised through the MCBs will fund the cash component of the acquisition, while the remaining consideration will be settled through the issuance of approximately 359 million new shares to Brooge at AED 1.25 per share (subject to a one-year lock-up), and an additional AED 2.3 billion in MCBs issued to Brooge, convertible at AED 1.25 per share, also with a one-year lock-up post-conversion. His Highness Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation Holding, stated: 'This offering marks a significant step toward executing the acquisition. It reflects the strong confidence our shareholders have in the Company's vision to grow in the energy infrastructure space. We will continue to focus on completing the next phases of the transaction and strengthening GULFNAV's role as an integrated logistics solutions provider in the region.' His Highness added: 'On behalf of the Board of Directors, I extend my sincere thanks to all shareholders who participated in the offering for their continued support and trust. I also wish to express our appreciation to our partners, advisors, and regulatory stakeholders for their critical role in the success of this issuance. We remain fully committed to executing the acquisition as planned, integrating the new assets seamlessly, and delivering long-term operational and financial value to our shareholders.' The Company confirmed that the second tranche, originally reserved for major shareholders, will not be opened as the full amount was raised in the first tranche. The subscription process is now officially closed, and no further applications will be of Form -Ends- About Gulf Navigation Holding: Gulf Navigation Holding PJSC ('GULFNAV') is a fully integrated and synergized organization with a multifunctional business. It is the only maritime and shipping company listed in the Dubai Financial Market since February 2007 under the symbol 'GULFNAV'. The Company is headquartered in Dubai, with branch offices inside the ports of Fujairah and Khorfakkan, along with an overseas office in the Kingdom of Saudi Arabia. The Company has a fleet of chemical tankers, livestock transport vessels, well stimulation vessels, operation support vessels, marine services, and ship repair operations. As an ISO 9001:2015 certified company accredited by Bureau Veritas, GULFNAV is committed to adhering to the requirements of the international safety management code for the safe operations of vessels, pollution prevention and environmental control, including compliance with all the applicable international laws, regulations and requirements. GULFNAV constantly works to upgrade its operations and provide high-quality services to local and international markets. For media inquiries, please contact: Nader Muqbel Director of Corporate Communications & Investor Relations E-mail:
Yahoo
19-06-2025
- Business
- Yahoo
Here is Why Brooge Energy (BROG) Crashed This Week
The share price of Brooge Energy Limited (NASDAQ:BROG) fell by 20.7% between June 10 and June 17, 2025, putting it among the Energy Stocks that Lost the Most This Week. A huge refinery and oil storage facility with high automated machinery for blending and circulation. Brooge Energy Limited (NASDAQ:BROG) is the parent company of Brooge Petroleum and Gas Investment Company FZE, which operates as a midstream oil storage and service provider out of the Emirate of Fujairah in the United Arab Emirates. After a slight pullback, Brooge Energy Limited (NASDAQ:BROG) again plunged this week following the company's announcement that it will voluntarily delist from NASDAQ by mid-June, with no intentions to list its shares on any other securities exchange. Brooge expects the last day of quotation of its shares on NASDAQ to be on or around June 19, 2025. The company's decision to delist was based on a careful review of numerous factors, including the lack of an active trading market for its securities, the resources and expenses associated with maintaining SEC and Nasdaq reporting requirements, and the related regulatory burdens that have led to significant operating expense and attention of the company's management team. While we acknowledge the potential of BROG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
11-06-2025
- Business
- Arabian Post
GulfNav Secures $871 Million Deal to Bolster Oil Storage Hub
Arabian Post Staff -Dubai Gulf Navigation Holding PJSC has signed a definitive agreement to acquire the assets and subsidiaries of Nasdaq‑listed Brooge Energy for AED 3.2 billion, a move set to significantly expand its midstream oil and gas capacity. The transaction spans a blend of cash, share issuance, and mandatory convertible bonds, with completion anticipated by the close of the third quarter of 2025, subject to regulatory and shareholder approvals. The bulk of the deal involves taking over Brooge Petroleum and Gas Investment Company FZE, its Phase III FZE entity, and BPGIC Phase 3 Limited—each operating advanced crude, fuel oil, and refined petroleum storage facilities in Fujairah. These strategically located assets will double GulfNav's existing infrastructure, reinforcing its footprint at a key UAE bunkering and storage hub. ADVERTISEMENT Under the structured settlement, GulfNav will allocate 358.8 million new shares at AED 1.25 each to Brooge Energy, enforceable with a 12‑month lock‑up period. It will also issue AED 2.336 billion in mandatory convertible bonds convertible at the same share price and restricted similarly. Existing shareholders have access to AED 500 million in MCBs at AED 1.10 per share, with major investors covering any unclaimed portion. Additionally, AED 460 million will be disbursed in cash. Chief Executive Ahmad Kilani described this acquisition as transformational, explaining that integrating Brooge's storage infrastructure with GulfNav's maritime services will 'unlock operational synergies, enhance storage capacity and drive long‑term value for shareholders.' Incoming facilities in Fujairah are expected to enhance logistical efficiency, lower costs, and broaden GulfNav's revenue mix. This move aligns with GulfNav's strategy to transition from a legacy maritime operator to a diversified energy‑logistics conglomerate. The firm's board was authorised in March 2025 to proceed with the asset acquisition, capital increase, and issue of MCBs, all in light of its shareholders' approval. Regulatory processes and amendments to the company's articles of association—particularly regarding foreign ownership—are now underway. Brooge Energy has previously attracted scrutiny. In December 2024, U.S. investors filed a fraud claim against auditor Ernst & Young, alleging that revenues were overstated by between 30% and 80% during 2018–2020. The firm reached a $5 million settlement with the U.S. Securities and Exchange Commission over irregular accounting practices. Despite these concerns, GulfNav maintains the deal offers strategic value, citing diligence and planned regulatory housekeeping prior to close. Analysts note the landmark nature of this deal; GulfNav's storage assets are poised to surge, positioning it as a key player in the region's rapidly evolving energy-logistics ecosystem. Fujairah's strategic location outside the Strait of Hormuz means its terminals are well placed to serve global crude oil logistics, with Brooge's high-tech blending capabilities offering an edge in operational efficiency. Transaction conditions encompass customary requirements: shareholder approvals, regulatory consents, debt settlements, and commercial registration. GulfNav expects to finalise the share and bond issuance in tandem with regulatory clearance, with the goal of closing by end‑Q3 2025. After completion, the Brooge Energy shareholders and bondholders will receive equity in GulfNav under lock‑up terms. Post-acquisition, GulfNav's board plan includes integrating Brooge's board representatives to ensure continuity and operational alignment throughout the transition. Integration is expected to elevate GulfNav's EBITDA margins and open fresh revenue streams via enhanced storage, blending, and bunkering services. Although GulfNav navigates complexities from Brooge's previous accounting controversies, analysts emphasise the strategic benefits—particularly the ability to offer complete maritime-to-storage and product blending services from a single platform. The expanded Fujairah facilities will allow GulfNav to capitalise on growing crude export flows, further supported by Abu Dhabi's energy growth ambitions. With conventional execution risk low, attention now shifts to securing regulatory and legal clearances, along with capital-raising for the MCB component. Successful completion will mark GulfNav's transformation into a fully integrated energy logistics powerhouse, ready to meet regional demand while delivering enhanced returns to investors.
