Gulf Nav shareholders approve $871mln Brooge acquisition
Gulf Navigation Holding's shareholders have approved its AED 3.2 billion ($871 million) acquisition of Brooge Energy Limited (BEL) despite earlier discontent among minority shareholders about dilution of their holdings.
The company's share capital will increase by 320% following the transaction - which includes issuing 359 million new shares in favour of BEL as well as AED 2.3 billion in mandatory convertible bonds (MCBs).
The transaction also includes AED 460 million in cash as well as AED 500 million MCBs to current shareholders, prioritising minorities.
Under it, Gulf Nav will acquire BEL's oil storage assets and companies - Brooge Petroleum and Gas Investment Company (BPGIC) FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited.
Earlier, shareholders had expressed discontent as Gulf Nav's proposed conversion price for new bonds and shares is lower than one proposed by an alternative valuation from UAE financial regulator the Securities and Commodities Authority (SCA), meaning their holdings will be more diluted.
But they agreed the company's own valuation, which was recommended by the board.
The company will integrate Fujairah-based Brooge infrastructure to expand storage and logistics capabilities to serve demand for midstream oil and gas services in the region, as well as explore alternative fuel storage.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
22 minutes ago
- Sharjah 24
SEWA launches 10 lighting projects in Kalba
Key projects underway Engineer Youssef Al Hammadi, Director of SEWA's Kalba Department, confirmed that the authority is executing development and lighting works according to a defined timeline, following the directives of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah . Among the significant projects in progress is the lighting of main roads in the new industrial zone, where SEWA is installing 100 lighting poles and 200 fixtures, in addition to laying 11,000 metres of electrical cables. The project began in January 2025 and is expected to be completed by July, with an estimated cost of AED 2 million . Work is also ongoing on the second phase of Al Hefaiyah Lake lighting project, aimed at fully covering the tourist area with modern lighting units. This phase is valued at AED 1.5 million . In the second phase of the Jabal Deem lighting project, SEWA is implementing specialised technical solutions due to the area's unique geography, with a budget reaching AED 13 million . Additional work is being carried out in the Ghail area, including the installation of 400 lighting units and 250 poles, alongside 15,000 metres of electrical cables . Upgrades are also taking place on Kalba–Sharjah Road, Lake Street, and within the University District, where 1,400 traditional lights are being replaced with energy-efficient LED fixtures . The authority's lighting efforts in Kalba also include the implementation of an annual maintenance programme for the city's lighting network, as well as a dedicated project to improve lighting in the residential area of Al Qadisiya . Completed projects Several lighting projects have been completed in recent months. One of the most notable is the lighting of Khatmit Al Malaha Road, finished in April 2025, which included the installation of 100 lights, 50 poles, and 7,000 metres of cabling. Another completed project is the lighting of Saad bin Abi Waqqas Street, which saw the installation of 100 lights, 60 poles, and 10,000 metres of electric cable . These initiatives reflect SEWA's continued commitment to sustainable infrastructure development and enhanced public safety across Kalba .
Gulf Today
2 hours ago
- Gulf Today
Hundreds look for jobs at career fair in Dubai
More than 400 candidates wishing to seek new jobs or exploring better employment opportunities participated in the first phase of the career fair organised by the Pakistan Consulate in Dubai. The first phase of the 2-day Career Fair 2025 was organised in collaboration with Transguard Group. The officials conducted the initial interviews of job seekers who visited the consulate from across the UAE. More than 20 job categories were offered by Transguard Group, providing an opportunity for employment in diverse sectors. About 400 candidates participated in the initial phase of the recruitment drive. The final selection of candidates will be announced upon the completion of assessment and verification processes in accordance with the specific requirements of each role. Hussain Muhammad, Consul General of Pakistan in Dubai, visited the venue and observed the recruitment process. He emphasised the importance of such initiatives in employment opportunities for Pakistanis residing in the UAE. He lauded the collaboration as an important step towards generating job opportunities for the Pakistani community. 'The Consulate remains committed to supporting and facilitating such partnerships to further broaden the scope of employment opportunities for our community,' he said. Community Welfare Attachés Imran Shahid and Junaid Murtaza also expressed their satisfaction with the response and affirmed that plans are underway to organise recruitment drives in collaboration with leading UAE-based employment agencies. The second phase of Career Fair 2025 is scheduled to take place on June 18 and 19 at the Consulate premises.
Arabian Post
19 hours ago
- Arabian Post
PumpFun's Revenue Redistribution Plan Sparks Debate Amid $4bn Valuation
PumpFun, a Solana-based memecoin launchpad, has announced plans to distribute protocol revenue to $PUMP token holders through a buyback mechanism. This move marks a significant shift from the typical speculative nature of memecoins, aiming to provide tangible value to its community. However, the platform's ambitious $4 billion valuation and a targeted $1 billion raise have raised questions about the feasibility and sustainability of its revenue model. Since its inception in January 2024, PumpFun has facilitated the creation of over 6 million memecoins, positioning itself as a central player in the Solana ecosystem's resurgence following the FTX collapse. The platform's user-friendly interface allows individuals to launch tokens with minimal effort, contributing to a surge in activity that saw Solana's Total Value Locked surpass $5 billion by mid-2025. The proposed buyback strategy involves using a portion of the platform's revenue to repurchase $PUMP tokens from the open market, thereby reducing supply and potentially increasing token value. This approach is intended to reward long-term holders and align the interests of the community with the platform's growth. However, the lack of clarity regarding the specific revenue streams and the proportion allocated for buybacks has led to skepticism among investors and analysts. ADVERTISEMENT PumpFun's revenue primarily stems from a 1% swap fee on all token trades and a 1.5 SOL fee when a token 'graduates' by reaching a market cap of $90,000. While these mechanisms have generated substantial income—estimated at over $380 million—the sustainability of such revenue in the volatile memecoin market remains uncertain. The platform's reliance on continuous user engagement and token creation raises concerns about the long-term viability of its financial model. The announcement of the $1 billion raise at a $4 billion valuation has further intensified scrutiny. Critics argue that the valuation may be inflated, given the speculative nature of the memecoin market and the platform's nascent stage. Comparisons have been drawn to other DeFi projects that have faced challenges in maintaining high valuations without robust and diversified revenue streams. Community members have expressed mixed reactions to the buyback plan. Some view it as a positive step towards creating a more sustainable and value-driven ecosystem, while others question the timing and transparency of the initiative. The absence of detailed information about the buyback schedule, funding sources, and governance mechanisms has fueled debates about the platform's commitment to accountability and investor protection. PumpFun's leadership, including founders Noah Tweedale, Alon Cohen, and Dylan Kerler, has yet to provide comprehensive details addressing these concerns. The platform's history of rapid growth and controversial features, such as the now-suspended livestreaming service that allowed for unmoderated content, adds to the apprehension surrounding its governance and operational practices. The broader context of the DeFi and memecoin markets also plays a role in shaping perceptions of PumpFun's strategy. The memecoin sector has experienced explosive growth, with market capitalizations reaching unprecedented levels. However, this growth has often been accompanied by high volatility, regulatory scrutiny, and instances of market manipulation, leading to caution among institutional investors and regulators.
