The leading investor in DNO International, a Kurdistan-focused oil explorer, has agreed to backtrack on commitments to reduce its shareholding to 30 per cent to remove an overhang on its shares ahead of a possible London listing.
The change unravels undertakings given last year by RAK Petroleum, a state-controlled investment company based in the United Arab Emirates, to dilute its current 43 per cent stake following an agreed merger of its oil interests with DNO, Norway’s first oil company to be listed on the Oslo stock exchange.
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