Mubasher: Brooge Petroleum and Gas Investment Co (BPGIC) plans to list its shares on the Nasdaq stock exchange after the merger deal with the US-based firm Twelve Seas Investment Co.is completed, according to the news portal Reuters.
Fujairah-headquartered Brooge Petroleum concluded that its merger deal with Twelve Seas is valued at $1 billion and is expected to be finalised before 1 July.
“The company originally planned to float 40% of its capital on the London Stock Exchange (LSE) last year and had engaged HSBC and First Abu Dhabi Bank as advisers to work on the public share sale, but the plan has now been shelved,” sources told Reuters.
Listing the shares of the UAE company comes as part of its expansion strategy.
Brooge Petroleum is working on the second phase of its storage terminal, which will endorse its capacity for crude with 600,000 cubic metres across eight tanks.
