Brief: Gulfnav And Brooge Sign AED 3.2 Billion Acquisition Agreement

Brooge Energy

28/05/2025 05:51

May 28 (Reuters) - GULF NAVIGATION HOLDING GNAV.DU:

GULFNAV AND “BROOGE” SIGN AED 3.2 BILLION ACQUISITION AGREEMENT

GULFNAV AND BROOGE ENERGY LIMITED SIGN TO FORMALIZE SPA IN ACCORDANCE WITH ACQUISITION STRUCTURE

AGREEMENT FINALIZES GULFNAV’S ACQUISITION OF ASSETS AND SUBSIDIARIES OF BROOGEE, INCLUDING BROOGE PETROLEUM AND GAS INVESTMENT CO FZE, BROOGE PETROLEUM AND GAS INVESTMENT CO PHASE III FZE, AND BPGIC PHASE 3 LIMITED

ACQUISITION, INVOLVES SETTLEMENT STRUCTURE COMPRISING CASH, NEWLY ISSUED SHARES, AND MANDATORY CONVERTIBLE BONDS

ISSUANCE OF 358.8 MILLION NEW SHARES TO BROOGE AT AED 1.25 PER SHARE

AED 2.336 BILLION IN MCBS ISSUED TO BROOGE, CONVERTIBLE AT AED 1.25 PER SHARE

AED 500 MILLION IN MCBS EXCLUSIVELY OFFERED TO GULFNAV’S EXISTING SHAREHOLDERS AT AED 1.10 PER SHARE

A CASH COMPONENT OF AED 460 MILLION

Source text: ID:nDFMbs7FCt

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