RAK Petroleum to launch IPO in Norway

RAK Petroleum will be the listing entity with shareholders of RAK Petroleum receiving shares in the new entity pro rata to their current share holding.

By Staff Report

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Published: Thu 30 Oct 2014, 12:28 AM

Last updated: Tue 7 Apr 2015, 10:44 PM

Ras Al Khaimah: RAK Petroleum announced that it is proceeding with plans for an initial public offering and application for listing in Norway.

Prior to the listing, RAK Petroleum will transfer substantially all of its assets, liabilities and business to a new UK company, RAK Petroleum, as part of a re-organisation approved by the shareholders in May 2013. RAK Petroleum will be the listing entity with shareholders of RAK Petroleum receiving shares in the new entity pro rata to their current share holding. Subject to approval of the listing application and successful completion of the offering, the shares of RAK Petroleum are expected to commence trading on Oslo Børs, alternatively Oslo Axess (OSE ticker code: “RAKP”) on November 7, 2014.

The existing shareholders of RAK Petroleum will be allotted restricted shares and an associated number of founder shares in RAK Petroleum corresponding to 90 per cent of their shareholding in RAK Petroleum, with the remaining 10 per cent to be allotted in unrestricted shares. The unrestricted shares will be freely tradable but the restricted shares are subject to lockup for six months following the listing (other than to certain permitted transferees or with the Joint Lead Managers’ consent).

— business@khaleejtimes.com



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