Brooge Energy LTD Appoints Mr. Abu Bakar Chowdhury as Chairman of the Audit Committee
29 Julio 2020 - 3:10PM
Brooge Energy Limited (“Brooge Energy” or the “Company”) (NASDAQ:
BROG), a midstream oil storage and service provider strategically
located outside the Strait of Hormuz, adjacent to the Port of
Fujairah in the United Arab Emirates (“UAE”) through its
wholly-owned subsidiary Brooge Petroleum and Gas Investment Company
FZE (“BPGIC”), today announced the appointment of Mr. Abu Bakar
Chowdhury, independent director of Brooge Energy Limited, as
Chairman of the Audit Committee effective immediately.
Mr. Chowdhury has replaced Mr. Saeb El-Zein who has resigned as
Chairman and member of the Audit Committee and from the Board of
Directors due to personal reasons. Dr. Yousef Al Assaf, an
independent director and Chairman of the Board of Directors, has
joined the Audit Committee. The Audit Committee is now comprised of
Mr. Chowdhury, Dr. Al Assaf and Dr. Simon Madgwick each of whom are
both “independent directors” as defined for Audit Committee members
under NASDAQ listing standard and the rules and regulations of the
SEC and “financially literate,” as defined under NASDAQ’s listing
standards.
Mr. Chowdhury qualifies as an “audit committee financial
expert,” as that term is defined in the instruction to paragraph
(a) of Item 16A of Form 20-F under the Exchange Act and as a
financially sophisticated audit committee member under NASDAQ
listing rule 5605(c)(2)(A).
Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC,
stated, “On behalf of the Board of Directors and management team,
we want to thank Mr. Saeb El-Zein for his positive contribution to
the Company and wish him the best in his future endeavors.”
About Brooge Energy
LimitedBrooge Energy, formerly known as Brooge Holdings,
conducts all of its business and operations through its
wholly-owned subsidiary Brooge Petroleum and Gas Investment Company
FZE (“BPGIC”), a Fujairah Free Zone Entity. BPGIC is a midstream
oil storage and service provider strategically located outside the
Strait of Hormuz adjacent to the Port of Fujairah in the United
Arab Emirates. BPGIC’s oil storage business differentiates itself
from competitors by providing its customers with fast order
processing times, excellent customer service and high accuracy
blending services with low oil losses. For more information please
visit www.broogeholdings.com.
Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, that involve risks and
uncertainties concerning BPGIC’s and Brooge Energy’s expected
financial performance, as well as their strategic and operational
plans. The actual results may differ materially from expectations,
estimates and projections due to a number of risks and
uncertainties and, consequently, you should not rely on these
forward looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “would,” “could,”
“should,” “believes,” “predicts,” “potential,” “continue,” and
similar expressions are intended to identify such forward-looking
statements. These risks and uncertainties include, but are not
limited to: (1) the ultimate geographic spread, duration and
severity of the coronavirus outbreak and the effectiveness of
actions taken, or actions that may be taken, by governmental
authorities to contain the outbreak or ameliorate its effects; (2)
BPGIC’s ability to obtain financing for Phase III on commercially
reasonable terms; (3) BPGIC’s ability to negotiate and enter into
development and offtake agreements on commercially reasonable
terms; (4) the results of technical and design feasibility studies;
(5) the loss of any end-users; (6) changes in customer demand with
respect to ancillary services provided by BPGIC including
throughput, blending, heating, and intertank transfers; (7) BPGIC’s
ability to effectively manage the risks and expenses associated
with the construction of Phase II, Phase III and other growth and
expansion projects; and (8) other risks and uncertainties indicated
from time to time in filings with or submissions to the SEC by
Brooge Energy. Readers are referred to the most recent reports
filed with or furnished to the SEC by Brooge Energy. Readers are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made, and we undertake
no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
Investor ContactKCSA Strategic
CommunicationsValter Pinto / Elizabeth Barker+1 212-896-1254 or +1
212-896-1203BROG@kcsa.com
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