Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Energy and Industry)
Filter PR by
  
RAK Petroleum Shareholders Approve Proposed Restructuring
 

RAS AL KHAIMAH, 13 May, 2013 -- RAK Petroleum Public Company Limited yesterday announced that its shareholders had approved plans to restructure the Company and its subsidiaries and seek a listing on an international stock exchange.

The proposed restructuring includes the transfer of substantially all of the Company's assets to a newly formed Dutch company that will be owned by a newly formed UK company in exchange for shares of the UK company.  Shares in the UK company will then be issued on a pro rata basis directly to the Company's shareholders as a return of capital.

The assets to be transferred include the 42.8 percent of the shares of DNO International ASA held by the Company.  The Oslo Stock Exchange has been informed and granted an exemption from its mandatory offer rules for these transfers.

To facilitate this return of capital, the shareholders approved a proposed plan of capital decrease to take place prior to the distribution of shares in the UK company to the Company's shareholders, whereby the existing shares of the Company are reduced on a 10:1 basis with old shares being cancelled and new shares being issued to each shareholder.  It is then intended that the UK company will seek to list on a major European or North American stock exchange.

The shareholders acted at the Company's Extraordinary General Meeting held in Ras al Khaimah on Sunday.  “The Board of Directors is gratified by our shareholders' vote of confidence in our plans and we are excited about opening a new chapter in RAK Petroleum's future”, said Bijan Mossavar-Rahmani, the Company's Chairman and Chief Executive Officer.


Posted by : Dubai PR Network Editorial Team
Viewed 5588 times
PR Category : Energy and Industry
Posted on : Monday, May 13, 2013  8:15:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Zayed Future Energy Prize Winner d.light design Named Bloomb...
Next Story : ADIPEC AWARDS – EXCELLENCE IN ENERGY 2013 SET THE FUTURE ENE...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Inventive, Futuristic and Daring Translucent is a Distinguished Milestone for Police. [5386-Views]
Show your Nanny some love and treat them to a Complimentary Haircut throughout August and ... [4612-Views]
Introducing Lunette: A Tool to Empower Women [4197-Views]
Corum Golden Bridge Titane DLC - black beauty for the man of style [4026-Views]
Robinsons Showcases Malone Souliers' Stunning New Collection for Pre-Fall 19 [3800-Views]
Marks & Spencer Unveils Its Autumn 2019 Kidswear Collection [3593-Views]
Ferragamo Urban - 2019 Fall/Winter Collection [3318-Views]
Aesop's Parsley Seed Skin Priming Regimen [3318-Views]
GUESS - The Perfect Tote [3300-Views]
Ralph Lauren Debuts “Wear Your Story” Denim Campaign [3117-Views]
Corum Admiral Legend 42-Icon ahead [3105-Views]
Sandro: The Power Suit [3105-Views]
The future of photography and videography is in Canon's hands, with five 2019 EISA Awards [3074-Views]
Hormann announces speed rolling shutter DD S6 [3013-Views]
GEMS Education students shine with excellent A-Level examination results [3013-Views]
Al Ain Hospital doctors save young girl from 2.5 cm pin in her lungs [2977-Views]
Forecasting Mesmerising Sea Views and Exotic Seafood at Gonu [2952-Views]
Same Favourite Fragrance, New Innovative Products From the Ritual of Karma [2922-Views]
Jaguar I-pace: Redefining What It Means to Be a ‘CAR' [2910-Views]
Tazio Nuvolari Vanderbilt Cup [2898-Views]
Rock Chic Edit with GUESS [2898-Views]
Modular Sofa's by Boconcept [2861-Views]
Exceptional Playtime with Soundcore Vortex [2824-Views]
Autumn / Winter 2019-20 Men's and Women's Sneakers Collection [2806-Views]
Get 50 per cent off back-to-school essentials at Dragon Mart [2794-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories