Brooge Energy announce receipt of acquisition proposal by Gulf Navigation

Brooge Energy announced receiving a formal proposal submitted by Gulf Navigation, the Dubai Financial Market listed maritime and shipping company, to acquire fully all of the businesses and assets from Brooge Energy. The proposed acquisition is still in an early stage, as Gulf Navigation is in the process of conducting further due diligence on the company and its legal and financial advisors continue to evaluate the proposed transaction. In addition, BEL has not responded to Gulf Navigation proposal and there is no guarantee it will accept the proposal. The proposed transaction, if it moves forward, would be subject to customary closing conditions for transactions of this nature, including obtaining the necessary regulatory approvals. Gulf Navigation is optimistic that the proposed transaction, if agreed by both parties, would target closing in the fourth quarter.