Gulf Navigation says Brooge takeover deal is ‘progressing’ now that acquisition target has new board

Gulf Navigation Holdings says its move to acquire bulk liquid storage company Brooge Petroleum and Gas Investment Company (BPGIC) is back on now a new board has been installed at its Nasdaq-listed parent Brooge Energy Limited.

Dubai-listed Gulf Navigation gave a target closure date in the fourth quarter of 2023 when it first announced its proposal to acquire Fujairah-based BPGIC in October that year.