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RAK Petroleum... share offer. Image: Bigstock. For illustration only

RAK Petroleum to list on Oslo bourse; plans IPO

DUBAI, October 7, 2014

RAK Petroleum, an energy investment company based in the United Arab Emirates, said it aimed to list on the Oslo exchange and raise $25 million in an initial public share offering (IPO).

The firm said on Monday it would offer shares to institutional and retail investors in Norway and a private placement to certain international institutions.

Current shareholders will be able to place their shares in the offer as well, the company said in an emailed statement.

RAK Petroleum said its assets included a 42.8 per cent stake in DNO ASA, an Oslo-listed oil and gas company with operations in the Middle East, and a 100 per cent stake in Mondoil Enterprises, which holds an indirect 33.3 per cent stake in Foxtrot International, owner of oil and gas interests in Ivory Coast.

RAK Petroleum made a net profit of Dh58.1 million ($15.8 million) in 2013, it said.

Just before the listing, RAK Petroleum will transfer most of its assets, liabilities and business to a new British company, RAK Petroleum Plc. The new company will be the listing entity on the Oslo Bors, with shareholders of RAK Petroleum receiving shares in the new firm in line with their current holdings.

ABG Sundal Collier Norge ASA is global coordinator of the offer, while it and DNB Markets are joint lead managers and bookrunners.

“Last year was a banner year for RAK Petroleum and its shareholders with significant growth in our DNO ASA investment and the addition of a growing portfolio of exploration and production assets offshore West Africa,” said Bijan Mossavar-Rahmani, chairman and chief executive officer at RAK Petroleum.

“With the listing we will build on our track record of robust shareholder returns by increasing strategic flexibility and enhancing our access to capital markets to fund growth,” he added. - TradeArabia News Service and Reuters

Tags: IPO | RAK Petroleum |

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