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Dubai-listed Gulf Navigation’s board will consider issuing mandatory convertible bonds (MCBs) to settle its acquisition of Brooge Petroleum and Gas Investment Limited, (BPGIC) along with cash and a new share issuance.
The shipping company, which will also consider the resignation of board member Mazen Jaber Al Dahmani at its meeting this week, first announced it had proposed to acquire the oil refinery and storage facilities from Brooge Energy Ltd in October.
No value has yet been reported for the proposed transaction, but in 2019, Twelve Seas Investment Co agreed to acquire it in a deal valued at $1 billion according to Bloomberg reports.
Brooge Petroleum and Gas Investment Company is part of the Fujairah Oil Terminal, the world’s second largest bunkering hub after Singapore.
The majority shareholder of Nasdaq-listed Brooge Energy Ltd is the Cayman Islands incorporated BPGIC Holdings according to LSEG data.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
