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Dubai-listed maritime and shipping company Gulf Navigation (Gulf Nav) is working to complete its acquisition of Brooge Petroleum and Gas Investment Company (BPGIC) within six to eight weeks.
The company’s board earlier this week approved completing the transaction from Brooge Energy Ltd with cash, the issuance of mandatory convertible bonds (MCBs) and new shares.
The board also approved a new member, BHM Capital CEO Abdel Hadi Al Sa’adi, who replaces Mazen Jaber Al Dahmani whose resignation was announced last week.
In an interview with CNBC Arabia, Al Sa’adi said the market capitalisation of the entity post transaction will exceed AED 20 billion ($5.44 billion).
(Writing by Imogen Lillywhite; editing by Seban Scaria)
