Petroleum Africa
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Tuesday, October 7, 2014
RAK Petroleum plans to launch an IPO and to apply for a listing on Norway’s Oslo Børs. The decision to list follows a previous announcement by the company that 2013 marked a fifth consecutive year of profitability with net profit of AED 58.1 million for 2013. The IPO will comprise a public offering to institutional and retail investors in Norway and a private placement to certain institutional investors internationally. The current target is for RAK Petroleum plc to raise the equivalent of $25 million through issuance of new shares. Current shareholders have also been offered the opportunity to place their shares into the offering.
“With the listing we will build on our track record of robust shareholder returns by increasing strategic flexibility and enhancing our access to capital markets to fund growth,” Bijan Mossavar-Rahmani, the company’s chairman and CEO said.
Immediately prior to the listing, RAK Petroleum will transfer substantially all of its assets, liabilities and business to a new UK company, RAK Petroleum plc, as part of a reorganization approved by shareholders in May 2013. RAK Petroleum plc will be the listing entity with shareholders of RAK Petroleum receiving shares in the new entity pro rata to their current shareholding in the company.
The company’s assets include a 42.8% shareholding in DNO with operations in the Middle East, and a 100% interest in Mondoil Enterprises which holds an indirect 33.33% stake in Foxtrot International, operator and 24% stakeholder in Block CI-27 offshore Cote d’Ivoire containing the country’s two largest producing gas fields. Early in 2014, RAK Petroleum through Mondoil Enterprises added to its investment portfolio by acquiring an indirect 9.2% stake in a new exploration block in Cote d’Ivoire and another transaction is pending which will raise the indirect stake in Cote d’Ivoire Block 27 to 9.1%.
“Last year was a banner year for RAK Petroleum and its shareholders with significant growth in our DNO investment and the addition of a growing portfolio of exploration and production assets offshore West Africa,” said Mossavar-Rahmani.
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