Dubai-listed maritime and shipping company Gulf Navigation (Gulf Nav) is poised to complete its acquisition of Brooge Petroleum and Gas Investment Company (BPGIC) from Brooge Energy Ltd within six to eight weeks. The acquisition will be executed through a combination of cash, mandatory convertible bonds (MCBs), and new shares. This comes in the wake of the company’s board approving the transaction and the appointment of BHM Capital CEO Abdel Hadi Al Saadi to replace Mazen Jaber Al Dahmani, who recently resigned. Al Saadi has stated that post-transaction, the market capitalization of Gulf Navigation is expected to exceed AED 20 billion ($5.44 billion).

Maritime and Shipping, Oil and Gas, Finance,United Arab Emirates