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Shareholders approve RAK Petroleum restructuring
- United Arab Emirates: Tuesday, May 14 - 2013 at 05:03
UAE-based RAK Petroleum has said its shareholders have given their approval to restructure the company and its subsidiaries, as the firm seeks a listing on a major European or North American stock exchange. The proposed restructuring includes the transfer of substantially all of the company's assets to a new Dutch company that will be owned by a newly-formed UK company in exchange for shares of the UK company. The 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 firm said.
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