RAK Petroleum said yesterday that it would apply to launch an initial public offering of its shares in Norway.
The company said it would transfer its assets, liabilities and business to a new UK company, RAK Petroleum PLC, and then list the new company on the Oslo bourse.
RAK Petroleum said that in addition to the listing, it would also be raising money from a private placement to institutional investors internationally. It did not provide a timeline.
In a news release, the company said: "The current target is for RAK Petroleum PLC to raise the equivalent of US$25 million through issuance of new shares.”
Bijan Mossavar-Rahmani, RAK Petroleum's CEO, said the listing would "build on our track record of robust shareholder returns”.
The company holds a 42 per cent share in DNO, which likewise is listed in Oslo. In August, DNO said it would begin exploring onshore in Oman and offshore Tunisia, in addition to expanding production at two fields in Iraq. The company also has regional operations in Ras Al Khaimah and Yemen. – The National –