Brooge Energy Ltd Engages Grant Thornton as Independent

NEW YORK, Oct. 28, 2022 (GLOBE NEWSWIRE) — Brooge Energy Ltd, (“Brooge Energy” or the “Company”), a Cayman Islands-based infrastructure provider, which is currently engaged in clean petroleum products and biofuels and crude oil storage and related services, today announced that it has engaged  Grant Thornton Financial Advisors LLC, a subsidiary of Grant Thornton LLP, as an independent financial advisor to provide an opinion to the special committee of the Board of Directors as to the fairness from a financial point of view of the consideration to be received by shareholders unaffiliated with the Company’s majority shareholder  with respect to its majority shareholder’s, BPGIC Holdings Limited, proposal to acquire all the shares of the Company it does not currently own and to take the Company private. 

Any transaction, if entered into, will be subject to the receipt of a fairness opinion, approval of the special committee of the Board of Directors, and approval of the Company’s shareholders. There can be no assurance that a transaction will be entered into.

About Brooge Energy Limited
Brooge Energy Ltd, is a Cayman Islands-based infrastructure provider now intending to focus on renewable energy infrastructures and biofuels, next to clean petroleum products, crude oil storage and related services. The company conducts its business and operations through its subsidiaries Brooge Renewable Energy, Brooge Petroleum and Gas Investment Company FZE (BPGIC), and Brooge Petroleum and Gas Investment Company Phase 3 FZE. BPGIC, the Company’s primary operating subsidiary that focuses on midstream oil storage and other services, is strategically located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE. The Company differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low product losses. For more…