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FINANCIAL NEWS
UAE’s Rak Petroleum merges subsidiaries into Norway’s DNO
11 Jan 2012
(MENAFN) Rak Petroleum Public Company said that it finished the merging of its operating subsidiaries in the Middle East and North Africa (MENA) region into DNO International, reported Emirates 24/7.
The firm added that as consideration for the merger, 153.422 million DNO International shares were issued to Rak, raising its shareholding in the Norwegian firm to 42.8 percent from 30 percent.
It also said that Rak would still have offices in Ras Al Khaimah and Dubai, in addition to a small team of legal, commercial, technical and financial professionals, while DNO would expand its offices to include Muscat and Ras Al Khaimah, in addition to its current offices in Oslo, Erbil, Sana’a, Dubai, Tunis and London.
It is worth noting that the deal values Rak’s operating subsidiaries at USD250 million and DNO’s at USD1.64 billion.
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