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RAK Petroleum wins approval for restructuring

Ras Al Khaimah, May 13, 2013

RAK Petroleum, a UAE-based energy investment company, said it had won approval from its shareholders to restructure the company and its subsidiaries and also seek a listing on an international stock exchange.

The proposed restructuring includes the transfer of substantially all of the company’s assets to a new Dutch company that will be owned by a newly formed UK company in exchange for shares of the UK company, said a company statement.

The shares in the UK company will then be issued on a pro rata basis directly to the company’s shareholders as a return of capital, it stated.

The assets to be transferred include the 42.8 per cent of the shares of DNO International held by the company. The Oslo Stock Exchange has been informed and granted an exemption from its mandatory offer rules for these transfers, it added.

To facilitate this return of capital, the shareholders approved a proposed plan of capital decrease to take place prior to the distribution of shares in the UK company to the company’s shareholders, whereby the existing shares of the company will be reduced on a 10:1 basis with old shares being cancelled and new shares being issued to each shareholder.

It is then intended that the UK company will seek to list on a major European or North American stock exchange.

Thanking the shareholders for the vote of confidence in the company's plans, Bijan Mossavar-Rahmani, the company’s chairman and CEO said, "We are excited about opening a new chapter in RAK Petroleum’s future."-TradeArabia News Service

Tags: UAE | DNO | RAK Petroleum | restructuring |

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