Rex International Holding Limited, a technology-driven oil company, has appointed Nordic independent investment bank ABG Sundal Collier ASA (“ABGSC”) as financial adviser and intermediary to review non-dilutive financing options for Rex’s 86.37 per cent subsidiary Masirah Oil Ltd (“Masirah Oil”). ABGSC will advise, among others, on the structure, timing and organisation of a possible bond financing. Masirah Oil is developing the Yumna field, located in licence Block 50 Oman, in which it has a 100 per cent interest.
Mr Dan Brostrom, Executive Chairman of Rex International Holding, said, “The Group has always been prudent with its use of equity and aspire for its subsidiaries to be financially independent. The bond financing, if successful, will be a win-win for the Group and Masirah Oil, as it is a non-dilutive financing option that leverages on the strength of the Yumna field development. The Group believes that ABGSC, with its more than 30-year transaction experience and broad financial and industrial network for financing solutions, is well placed to advise on this bond financing project.”
The Group will provide updates should there be further developments on this matter.