Brooge Petroleum plans to list on Nasdaq in $1bn reverse merger
The Fujairah based company hopes to expand storage capacity to 1mn cubic metres by the second half of 2020.
UAE-based Brooge Petroleum & Gas Investment has agreed to a $1bn reverse merger with Twelve Seas Investment, which will see Brooge listed on Nasdaq.
Bloomberg reported that according to transaction terms, Brooge is expected to own 78% of the combined company, with the deal expected to close in the second or third quarter of 2019.
Brooge, which is based in UAE emirate Fujairah, is an oil storage and services firm founded in 2013. Bloomberg reported that its current management team would continue to lead the company, which would continue to operate out of Fujairah.