Brooge Energy (BROG) selling subsidiaries to Gulf Navigation for $884M, focusing on energy logistics

From Yahoo Finance: 2025-05-28 21:34:00

Brooge Energy Limited (NASDAQ:BROG) has entered a definitive agreement to sell its core subsidiaries, BPGIC FZE and BPGIC Phase III FZE, to Gulf Navigation Holding PJSC for approximately $884 million. The deal signifies a shift in operational focus in the energy logistics sector. The transaction includes cash, Gulf Navigation shares, and mandatory convertible bonds, with Gulf Navigation looking to expand storage and transport capabilities. Regulatory approvals and bondholder consents are required for deal completion, expected within three months. The facilities being sold are located at the Port of Fujairah, offering access to key maritime routes for Gulf Navigation’s fleet operations enhancement. Brooge Energy aims to streamline its capital structure and resolve legacy liabilities. The company’s stock price surged by approximately 140% in a week, driven by strong insider ownership and institutional transactions. While BROG shows potential, other AI stocks may offer higher returns with limited downside risk. For a promising AI stock with 100x upside potential, check out the report on the cheapest AI stock.



Read more at Yahoo Finance: Brooge Energy Limited (BROG) to Divest Two Storage Units in $884M Gulf Navigation Deal