Brooge surges on take-private deal from majority shareholder

Brooge Energy

18/08/2022 13:10

** U.S-listed shares of oil storage firm Brooge Energy Ltd
 3SF.F   BROG.O  up as much as 17.1% at $8.49 in premarket trade
    ** Co said on late Wednesday its top shareholder, BPGIC
Holdings Limited, had expressed an interest to acquire all the
shares that it does not currently own and to take Brooge private
 urn:newsml:reuters.com:*:nGNX8jgcjn
    ** Privately held oil storage firm BPGIC Holdings is based
in United Arab Emirates(UAE) and owns over 86% of the Brooge
Energy
    ** Brooge says it is considering the proposal and there can
be no assurances that it will enter a deal
    ** Co also says its prior financial statements cannot be
relied upon and will be restated
    ** Up to last close, Brooge had declined 21.2% YTD

 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))