RAK Petroleum to go public in UK
RAK Petroleum Public Company is planning to list on an international stock exchange after its shareholders approved plans to restructure the company, it said in a statement on Monday.
The restructuring includes transferring the company’s assets to a newly formed UK-owned company in exchange for shares. The statement did not say on which international exchange the company will list.
RAK Petroleum’s assets include a 42.8 per cent holding in Norwegian oil company DNO International ASA. The Oslo Stock Exchange has granted an exemption from its rules for the transfer.