Brooge Energy Receives Expression of Interest from its Majority Shareholder to Acquire its Public Shares and Take the Company Private
17 Agosto 2022 - 4:00PM
Brooge Energy Ltd, (“Brooge Energy” or the “Company”), a Cayman
Islands-based energy infrastructure service provider, which is
currently engaged in clean petroleum products, biofuels, crude oil
storage, and related services, today announced that its majority
shareholder, BPGIC Holdings Limited (“Holdings”), has expressed an
interest to acquire all the shares of the Company that it does not
currently own and to take the Company private.
The Board of Directors of the Company is considering the
proposal and will be entering into substantive negotiations. Any
transaction, if entered into, will be subject to the receipt of a
fairness opinion and approval of the Company’s shareholders and
bondholders. There can be no assurance that a transaction will be
entered into. Furthermore, the Company has contemporaneously filed
a Form 6-K reporting that it has concluded its audited financial
statements for the years 2018, 2019 and 2020 can no longer be
relied upon and the Company is pursuing a restatement of such
financial statements.
About Brooge Energy Limited
Brooge Energy Ltd, is a Cayman Islands-based infrastructure
provider now intending to focus on renewable energy infrastructures
and biofuels, next to clean petroleum products, crude oil storage
and related services. The company conducts its business and
operations through its subsidiaries Brooge Renewable Energy, Brooge
Petroleum and Gas Investment Company FZE, and Brooge Petroleum and
Gas Investment Company Phase 3 FZE (BPGIC). BPGIC, the Company’s
primary operating subsidiary that focuses on midstream oil storage
and other services, is strategically located outside the Strait of
Hormuz at the Port of Fujairah in the Emirate of Fujairah in the
UAE. The Company differentiates itself from competitors by
providing customers with fast order processing times, excellent
customer service and high accuracy blending services with low
product losses. For more information, please visit
at www.broogeenergy.com.
Forward-Looking Statements
This press release contains statements that are not historical
facts, including the Company’s anticipated expansion towards green
hydrogen and green ammonia productions and constitute
“forward-looking statements” within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such statements reflect management’s current views based on
certain assumptions, and they involve risks and uncertainties.
Actual results, events or performance may differ materially from
the forward-looking statements due to a number of important
factors, and will be dependent upon a variety of factors, including
availability of labor and other resources needed to for completion
of a new green hydrogen and ammonia plant, timing of obtaining
regulatory approvals needed with respect to the new facility, the
Company’s ability to complete construction and initiate operations
of the new facility on the anticipated timeline or at all, the
Company’s ability to maintain the lease for the new facility, and
other risks described in public reports filed by Brooge Energy with
the U.S. Securities and Exchange Commission. Forward-looking and
other statements in this press release regarding the Company’s
environmental and other sustainability plans and goals are not an
indication that these statements are necessarily material to
investors or required to be disclosed in our filings with the U.S.
Securities and Exchange Commission. In addition, historical,
current, and forward-looking environmental and
sustainability-related statements may be based on standards for
measuring progress that are still developing, internal controls and
processes that continue to evolve, and assumptions that are subject
to change in the future. Readers are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Brooge Energy does not undertake any obligation
to update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
Investor Contact
KCSA Strategic Communications Valter Pinto, Managing Director +1
212-896-1254 BROG@kcsa.com
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