Brooge Energy (NASDAQ: BROG),, a Cayman Islands-based infrastructure provider, surged in pre-market trading on Wednesday after announcing that it had received a takeover proposal from Gulf Navigation Holdings PJSC (GULFNAV). GulfNav is a maritime and shipping company listed in the Dubai Financial Market.
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Gulfnav stated that its proposal is still in the early stage and it is in the “process of conducting further due diligence on the company.” Gulfnav intends to acquire Brooge to “enhance growth and provide an integrated portfolio of logistical services related to oil, petrochemicals, and gas.”
If the takeover proposal is agreed to by both parties, the acquisition is expected to close by the end of this year.
BROG Stock Price Performance
Year-to-date, BROG stock has surged by more than 160%.