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UAE’s RAK Petroleum Plans To list In Oslo

UAE’s RAK Petroleum Plans To list In Oslo

The firm aims to raise $25 million in an initial public share offering (IPO).

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 Dhs58.1 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.

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