DUBAI: RAK Petroleum, which owns 42.8 percent of Norwegian oil firm DNO International, said it would transfer all its assets to a newly created company as part of a restructuring plan, and seek an international bourse listing for the new firm's parent.
The company, which is based in the Ras Al Khaimah, part of the United Arab Emirates, will transfer its assets to a new Dutch company that will in turn be owned by a new British-based firm as part of a proposal approved by the shareholders, RAK Petroleum said in a statement.
It did not name the new companies in the statement, which was issued late on Monday.
The assets to be transferred include RAK Petroleum's entire stake in DNO, the company said, adding that it had received an exemption from mandatory offer rules on the Oslo Stock Exchange.
Based on DNO's total market value of $1.79 billion, RAK Petroleum's stake is currently worth nearly $770 million. DNO's operations are located in the Kurdistan region of Iraq, Yemen, Oman, the UAE, Tunisia and Somaliland.
RAK Petroleum also approved a plan to decrease its capital on a 10:1 basis as part of the restructuring plan. (Reuters)
