Gulf Navigation General Authority agrees to postpone consideration of the acquisition of Borouge Energy

During its meeting last Thursday, the General Assembly of Gulf Navigation Company agreed to postpone consideration of the General Assembly agenda related to the acquisition deal of companies and assets owned by Borouge Energy Company Limited, until the completion of the discussion of the evaluation report of the independent evaluator appointed by the Securities and Commodities Authority with the Securities and Commodities Authority. Authority and resident.

The company added in a disclosure to the Dubai Financial Market that it will determine the best ways to structure the deal in a way that serves its interests and shareholders, and the results of the discussion with the authority and the independent evaluator and the results of the legal study regarding structuring the deal will be presented in a general assembly meeting dedicated to discussing this matter after obtaining the authority’s approval. .

She indicated that the company’s shareholders’ proposal will be taken into consideration to add an item to the general assembly’s agenda to discuss increasing the company’s capital in cash and allocating that increase for subscription by shareholders at the time of the general assembly meeting, on preferential terms that ensure the benefit of shareholders.

The company stated that the arbitration clause mentioned in the agreements (decisions regarding refinancing procedures) with Minsheng China Financial Leasing Co., Ltd. was also approved after its ratification, with the Board of Directors or any of its members granted all necessary powers to implement it.

The company announced last December that its general assembly would discuss the proposal to acquire Borouge Petroleum and Gas Investments Company (Fujairah Free Zone), Borouge Petroleum and Gas Investments Company Phase III (Fujairah Free Zone), and BPIC Face 3 Limited (Jebel Free Zone). on me).

She added that the deal price will be paid by issuing a number of new shares in favor of Borouge Energy Company Limited, at a value of approximately 448.55 million dirhams, according to the price of one share, based on the fair value range to which the evaluation ends, prepared by the independent evaluator who was appointed by the Securities and Exchange Commission. And commodities, and issuing mandatory bonds to convert into shares worth 2,796.4 million dirhams.