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FINANCIAL NEWS
UAE- RAK Petroleum plans to restructure business
14 May 2013
(MENAFN) RAK Petroleum Public Company Limited stated that it plans to restructure its business through assets transfer, reported Arabian Business.
The UAE firm added that the assets include the company’s 42.8 percent share in Norwegian oil exporter DNO International ASA, with which RAK Petroleum merged in November 2011.
It said that the assets would be transferred to a newly established Dutch firm that would be owned by another newly created company in the UK.
The move would see the old shares cancelled and new shares in the UK firm issued, following which, the UK company would seek to list on a major European or North American stock exchange.
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