UAE-based energy investment company says it aims to raise $25m by issuing new shares
RAK Petroleum, an energy investment company based in the United Arab Emirates, plans to launch an initial public offering (IPO) and apply for a listing on Norway's Oslo Bors, the company said on Monday.
The firm said it would offer shares to institutional and retail investors in Norway and a private placement to certain international institutions.
It aims to raise $25 million by issuing new shares, while current shareholders have also been offered the opportunity to place their shares in the offer, 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.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.