|11-03-2014, 07:35 AM||#1|
RAK Petroleum eyes Norway initial public offering on November 7
RAK Petroleum, the largest private oil and gas company in the Middle East, said on Saturday it has begun with plans to apply for listing in Norway’s Oslo Bors so that shares could start trading as soon as Friday.
RAK Petroleum will be the listing entity with shareholders to receive shares on a pro-rata basis as a return of capital.
Shares of RAK are expected to start trading on Oslo Bors on November 7, according to a company statement, but only after the approval of the listing application and the completion of the initial public offering. The IPO will amount to approximately $3.02 million (NOK20 million).
Before the IPO, RAK said it will transfer all of its business to a new U.K. company.
RAK’s decision to list in Norway could be due to declining share prices in the oil and gas sector in the Middle East, considering they react more fiercely to the change in oil prices, and major global phenomena.
Trading in Norway could provide RAK shareholders with the proper reflection of the company’s growth prospects.
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