Renaissance Services is preparing for a cash call to investors in an effort to boost the company's expansion drive in the Gulf and the Caspian Sea after the cancelled listing of its UAE subsidiary this year.
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The Omani oilfield services company's board approved a capital increase of 50 million Omani rials (Dh475.8m) through a "quasi-equity instrument", Renaissance said in a statement to the Muscat Securities Market. The company will seek to raise capital from existing shareholders and new investors through a private placement, said Samir Fancy, the chairman.
"This capital raising provides Renaissance with the financial flexibility to continue our expansion plans and grow our core business, which continues to deliver a strong performance," he said. "We have made significant progress in addressing the challenges of 2011 and are pleased by the support shown in us by our investors."
BankMuscat acted as financial adviser and arranger of the capital raising.
Renaissance's plans to sell its stake in Topaz Energy and Marine were postponed by the Arab Spring, which forced a cancellation of the company's US$500m (Dh1.83 billion) listing on the London Stock Exchange in March.
Renaissance's shares were flat at 0.546 rials in trading on the Muscat bourse yesterday after the announcement. The shares have fallen 50.7 per cent this year, with the company experiencing three consecutive quarters of lower profit and a fraud scandal.
Renaissance said in September it had written off $2.9m of funds that had been "misappropriated" over a six-and-a-half-year period at Topaz Group, its UAE subsidiary.
Topaz Energy and Marine raised $380m from banks last month as part of a refinancing deal, which also included investments in new vessels.
ghunter@thenational.ae
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
How to protect yourself when air quality drops
Install an air filter in your home.
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Shower or bath after being outside.
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Stay indoors when conditions are particularly poor.
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States of Passion by Nihad Sirees,
Pushkin Press
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Company%20Profile
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Company%20profile
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RESULTS
1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar
CREW
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COMPANY%20PROFILE
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Company%20Profile
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Pathaan
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Hot%20Seat
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The%20Super%20Mario%20Bros%20Movie
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