Rex International's (SGX:5WH) subsidiaries, Rex Oman and Masirah Oil (MOL), along with certain past and present directors of MOL, settled a claim filed by Petroci Holding, according to a filing with the Singapore Exchange on Monday.

According to a claim received on Aug. 10, 2021, Petroci alleged MOL's conduct led to a dilution of its interest in MOL as a partner and a minority shareholder.

However, a settlement agreement was agreed which resulted in a transfer of 21,588 shares in MOL by Rex Oman to Petronic.

Following the completion of the agreement, Rex Oman has an 87.5% stake in MOL while Petroci Holding has a 12.5% stake in the subsidiary.