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.