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The board of directors of the Oslo Stock Exchange gave Aker Solutions the go ahead to list shares in Aker Solutions Holding Wednesday and granted permission for trading in the shares to start on September 29.

Aker Solutions Holding was created to facilitate the split of Aker Solutions into two independent companies — Aker Solutions and Akastor.

Aker Solutions Holding will be renamed Aker Solutions once the split is complete.

The company currently known as Aker Solutions will be renamed Akastor after the split and will be an oil-services investment company.

All conditions for completing the demerger have been satisfied.

The separation of the two companies will be registered with the Norwegian Registry of Business Enterprises after trading closes on the Oslo Stock Exchange September 26.

Current shareholders of Aker Solutions will receive one share in the newly demerged Aker Solutions for every share they held in the company before the separation.

Aker is reportedly slashing 175 jobs in its platform maintenance and modification division due to cutbacks in orders from Norwegian upstreams.

The new round of job cuts brings the total number of layoffs at Aker this year to 575.