DUBAI: UAE-based Brooge Petroleum and Gas Investment Co. (BPGIC) said it will start trading on New York’s Nasdaq stock exchange on Monday, following its merger with US company Twelve Seas Investment Co.
Oil storage company BPGIC completed the merger on Friday, it said in a statement on Sunday, and its valuation now exceeds $1 billion.
The merger and listing were aimed at establishing a global presence with access to liquid markets that could support the company’s expansion plans, BPGIC said.
BPGIC, which was set up in 2013, is one of the largest holders of oil storage assets in Fujairah.
In September, BPGIC awarded a contract to Spain’s SENER engineering group to build an oil refinery in Fujairah, located just outside the Strait of Hormuz, a key shipping lane.
The plant will produce bunker fuel that complies with new international laws capping sulfur content in shipping fuels.
UAE’s Brooge Petroleum to start trading on Nasdaq on Monday
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UAE’s Brooge Petroleum to start trading on Nasdaq on Monday
- Oil storage company BPGIC completes merger with US company Twelve Seas Investment Co.
- Merger and listing were aimed at establishing a global presence
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
