Dubai-listed maritime and shipping company Gulf Navigation (Gulf Nav) is on track to complete its acquisition of Brooge Petroleum and Gas Investment Company (BPGIC) from Brooge Energy Ltd within the next six to eight weeks. This strategic acquisition was approved by Gulf Navigation’s board, who have agreed to facilitate the transaction through a combination of cash, mandatory convertible bonds (MCBs), and new shares. In conjunction with this acquisition, BHM Capital CEO Abdel Hadi Al Saadi has been newly appointed to Gulf Navigation’s board, replacing Mazen Jaber Al Dahmani. Following the completion of the acquisition, the market capitalisation of the new entity is expected to exceed AED 20 billion ($5.44 billion), according to Al Saadi’s interview with CNBC Arabia.

Maritime and Shipping, Petroleum and Gas, Public Companies,United Arab Emirates