PETROCI Holding, Ivory Coast's national oil company, has filed a claim against two subsidiaries of Singapore oil and gas company Rex International.

The two subsidiaries are the fully-owned subsidiary Rex Oman Limited and the 86.37-per-cent-owned unit Masirah Oil (MOL). The claim, which also names certain past and present MOL directors, arises out of the alleged conduct of MOL's affairs, which led to a dilution of Petroci's interest in MOL as a partner and minority shareholder.

Petroci holds an effective interest of 1.83 per cent in MOL, and Swiss investment advisory firm Schroder & Co Banque holds 8.82 per cent.

Petroci filed the claim on Aug 5, 2021 before the High Court of the British Virgin Islands. Rex Oman and MOL received a statement of claim on Aug 10 and are taking legal advice, Rex International said in a bourse filing on Wednesday.

Dan Broström, Rex International's executive director and chairman, said: "The company is of the view that the claims and allegations against Rex Oman and MOL are frivolous, baseless and unmeritorious. Rex Oman and MOL will respond strongly and take all measures necessary to resist and refute these frivolous, baseless and unmeritorious claims and allegations."

The company has assessed that there will be no material financial impact from the claim, he said.

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Shares of Rex International closed at 23.5 Singapore cents on Wednesday, up 0.5 cent or 2.17 per cent.