DUBAI: RAK Petroleum, an energy investment company based in the United Arab Emirates, said it aimed to list on the Oslo exchange and raise $25m in an initial public share offering (IPO).
The firm said yesterday 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 percent stake in DNO ASA, an Oslo-listed oil and gas company with operations in the Middle East, and a 100 percent stake in Mondoil Enterprises, which holds an indirect 33.3 percent stake in Foxtrot International, owner of oil and gas interests in Ivory Coast.
RAK Petroleum made a net profit of Dh58.1m ($15.8m) 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.
Reuters
