Today's Edition
ABU DHABI (ALETIHAD)
Gulf Navigation Holding has rebranded as Etihad Energy Holding after it completed the acquisition of Brooge Petroleum and Gas Investment Company (BPGIC).
In a statement, Etihad Energy said Gulf Navigation shares will trade under the new ticker symbol “ETIHADENERGY” on the Dubai Financial Market (DFM) from the next trading session, replacing the previous ticker “GULFNAV”.
“The implementation of the new name and ticker symbol follows the approval granted by the Capital Market Authority (CMA), in addition to the completion of all required regulatory procedures related to the acquisition and rebranding process,” the statement said.
The company said Etihad Energy Holding has been officially launched following the successful completion of the acquisition between Gulf Navigation Holding and Brooge Petroleum and Gas Investment Company, marking the transformation of Gulf Navigation into a newly rebranded and expanded entity.
The acquisition has resulted in the creation of an integrated investment platform combining energy, storage, logistics and maritime transportation capabilities, the statement said. The newly formed entity is positioned to leverage its expanded operational base and diversified portfolio to pursue regional and international growth opportunities.
The market capitalisation of the combined company stands at Dh9.54 billion, according to the latest DFM data.
Eng. Saif Al Hazaimeh, Acting Chief Executive Officer of Gulf Navigation, outlined the strategic rationale behind the acquisition, highlighting the creation of a stronger and more diversified platform designed to support long-term growth across energy, logistics and maritime sectors.
“The launch of Etihad Energy Holding represents a pivotal milestone in our corporate transformation, following the successful completion of the acquisition. This new identity reflects the evolution of GULFNAV into a broader and more diversified investment platform with enhanced capabilities and a stronger foundation for future growth,” Al Hazaimeh said.
The company said the rebranding and ticker change do not affect its legal structure, shareholder rights or ongoing operations.
The acquisition process was implemented through the issuance of new shares and the conversion of mandatory convertible bonds into shares, increasing the company’s share capital from Dh837.69 million to Dh3.52 billion.
The capital increase involved the conversion of mandatory convertible bonds valued at Dh500 million at a conversion rate of Dh1.10 per bond into 454.54 million shares in favour of existing shareholders, the issuance of 358.84 million new shares in favour of Brooge Energy Limited, and the issuance and conversion of Dh2.336 billion mandatory convertible bonds into new shares in favour of Brooge Energy Limited.
In an earlier statement, Gulf Navigation said the approval followed the transfer of ownership of Brooge’s subsidiaries to Gulf Navigation under the share purchase agreement signed on May 27, 2025. These subsidiaries included Brooge Petroleum and Gas Investment Company FZE, Brooge Petroleum and Gas Investment Company Phase III FZE and BPGIC Phase 3 Ltd.
