Brooge Energy Limited, a Cayman Islands-based infrastructure provider, announced a proposed sale of its subsidiaries, Brooge Petroleum and Gas Investments Company FZE and Brooge Petroleum and Gas Investment Company Phase III FZE, to Gulf Navigation Holding PJSC. The transaction involves a conditional sale and purchase agreement for the complete share capital of both subsidiaries. Completion is anticipated within five business days following satisfaction of applicable conditions. The transaction aims for completion prior to the Long Stop Date, set three months from the agreement date. Post-completion, both parties will have proportional representation on GulfNav's board of directors.
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