Welcome to our dedicated page for Brooge Energy news (Ticker: BROG), a resource for investors and traders seeking the latest updates and insights on Brooge Energy stock.
Brooge Energy Limited (BROG) is a Cayman Islands-based infrastructure provider that has been engaged in clean petroleum products, biofuels, and crude oil storage and related services through subsidiaries such as Brooge Petroleum and Gas Investment Company FZE (BPGIC FZE) and Brooge Petroleum and Gas Investment Company Phase III FZE. Its public announcements highlight storage operations located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE, with an emphasis on fast order processing, customer service, and high-accuracy blending services with low product losses.
The news flow around BROG provides insight into several significant corporate developments. These include the company’s voluntary decision to delist its ordinary shares from the Nasdaq Capital Market, its subsequent Form 15 filing to terminate registration and suspend certain SEC reporting obligations, and the proposed and later completed sale of 100% of the share capital of BPGIC FZE and BPGIC Phase III FZE to Gulf Navigation Holding PJSC. Company announcements also describe an intention to focus on renewable energy infrastructures and biofuels alongside its storage activities.
Readers following BROG-related news can review updates on the extraordinary general meeting of shareholders, shareholder voting on the Transaction and related distribution, and detailed explanations of how the consideration from the sale to Gulf Navigation Holding PJSC is being distributed by way of dividend. The company has stated that it expects this distribution to represent the full and final allocation of proceeds from the Transaction and that no further distributions to shareholders generally are anticipated.
This news page allows investors and researchers to trace the sequence of events surrounding Brooge Energy’s delisting, deregistration, sale of its core operating subsidiaries, and the associated shareholder distributions, as well as the company’s stated focus areas in clean petroleum products, biofuels, crude oil storage, and renewable energy infrastructures.
Brooge Energy Ltd (Nasdaq: BROG) announced on January 11, 2023, that it received a non-compliance notice from Nasdaq for failing to file its interim financial statements for the period ended June 30, 2022, by the December 31, 2022 deadline. This could lead to delisting. The company attended a Nasdaq hearing on December 8, 2022, where it presented a plan to regain compliance with the filing rule and was granted an extension until April 26, 2023, to submit an update. Brooge Energy focuses on clean petroleum products and renewable energy infrastructures, primarily operating through its subsidiary, Brooge Petroleum and Gas Investment Company.
Brooge Energy Ltd (Nasdaq: BROG) has received approval from the Nasdaq Hearings Panel to continue trading its securities at least until the completion of an upcoming hearing. This decision follows the company's appeal against a Nasdaq determination to delist its shares due to the late filing of its Form 20-F for the fiscal year ending December 31, 2021. The company also requested an extension beyond the automatic 15-day stay, which was granted on November 22, 2022.
Brooge Energy Ltd (Nasdaq: BROG) announced it received a staff determination letter from Nasdaq regarding non-compliance with listing requirements due to late filing of its annual report (Form 20-F) for 2021. The company intends to request a hearing to seek an extension, which would stay any suspension or delisting action until at least November 22, 2022. Should the extension be denied, BROG may continue trading on the OTC Markets. The company has experienced compliance issues but is working towards regaining adherence to Nasdaq's requirements.
Brooge Energy Ltd, a Cayman Islands-based infrastructure provider, has appointed Grant Thornton Financial Advisors as an independent financial advisor. The firm will assess the fairness of a proposed acquisition by its majority shareholder, BPGIC Holdings Limited, which seeks to acquire all remaining shares to take the company private. This transaction is contingent on a fairness opinion, special committee approval, and shareholder consent. There is no guarantee that a deal will be finalized.
Brooge Energy Ltd has announced its unaudited financial results for the nine months ending September 30, 2022, reporting total revenue of $51.8 million, with an operating profit of $23.1 million and a net income of $11.1 million. The company maintains 100% contracted storage capacity, benefiting from strong demand for oil storage amid a favorable global economic climate. Brooge Energy is strategically located in Fujairah, UAE, and is prioritizing renewable energy and biofuels alongside its current services.
Brooge Energy Ltd has appointed Firoze Kapadia as an independent board member, achieving compliance with NASDAQ Listing Rule 5605(b)(1), which requires a majority of independent directors. With this addition, the board now consists of seven members, including four independent directors.
Kapadia, a Chartered Certified Accountant with 27 years of experience, brings valuable financial and regulatory insight. CEO Nicolaas Paardenkooper expressed optimism about Kapadia's contribution to Brooge Energy's growth, especially as the company shifts focus towards renewable energy infrastructures and biofuels.
Brooge Energy has engaged thyssenkrupp Uhde to conduct a technical study for its planned Green Hydrogen and Green Ammonia plant in Abu Dhabi. This study will detail cost estimates for capital and operating expenditures, EPC timelines, and layout documents, with a final report due in Q4 2022. Brooge Energy aims to produce up to 600,000 MT of green ammonia annually, with construction expected to begin in 2023. The company is committed to transitioning to clean energy and being a leader in the green energy sector.
Brooge Energy has announced that its financial statements for 2018, 2019, and 2020 cannot be relied upon and will require restatement. The company's majority shareholder, BPGIC Holdings Limited, is interested in acquiring the remaining shares and taking the company private. The Board is considering this proposal and will engage in negotiations. Any transaction will need fairness opinion and approval from shareholders and bondholders. The press release highlights the company's focus on renewable energy infrastructures and its operational strengths in midstream oil storage.
Brooge Energy Ltd has engaged Ernst & Young to conduct a comprehensive assessment of its planned Green Hydrogen and Green Ammonia plant. This study, commencing in August 2022, aims to evaluate market demand, forecast future prices, and assess technical feasibility, ultimately supporting Brooge Energy's transition to clean energy. The company targets production of up to 300,000 MT of green ammonia per annum at the Abu Dhabi site, with a land lease already secured. The final report from EY is anticipated in Q4 2022.
Brooge Energy Ltd confirmed that its facilities in the Port of Fujairah are secure following unprecedented floods in the region, which have not occurred in over 25 years. The company, focused on clean petroleum products and biofuels, announced effective management and safety measures taken during the incident, showcasing the resilience of its technologically advanced oil storage infrastructure. Brooge Energy emphasized that these circumstances enhance its competitive edge in the market, which is seeing a high demand for oil storage solutions.
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