Why These Energy Stocks are Gaining This Week

7. Brooge Energy Limited (NASDAQ:BROG)

Share Price Gains Between Mar. 17 – Mar. 24: 11.82%

Brooge Energy Limited (NASDAQ:BROG) is the parent company of Brooge Petroleum and Gas Investment Company FZE, which operates as a midstream oil storage and service provider out of the Emirate of Fujairah in the United Arab Emirates.

The share price of Brooge Energy Limited (NASDAQ:BROG) has surged after a decline of over 11% the week before, following the news of the company’s $900 million acquisition by Gulf Navigation Holding PJSC. There were concerns by minority shareholders regarding the potential dilution of their holdings. However, to address these concerns, the transaction also allocates $125.26 million in cash and around $136 million in MCBs to current shareholders, prioritizing their interests.