BPGIC plans to float 40% in London IPO

The UAE Brooge Petroleum & Gas Investment Co. (BPGIC) plans to float 40 per cent of its capital on the London Stock Exchange in October, BPGIC Vice-Chairman Housam Elemri said yesterday.

BPGIC is looking to raise $400 million (Dh1.47 billion) from Emirati and foreign investors in the IPO, to be conducted in a single tranche, he told Reuters in Dubai. The IPO plan comes as the company plans to boost storage capacity for crude and oil products in the Fujairah oil hub in the UAE. (Reuters)