Oman’s Renaissance to increase capital to USD129.87m

28 Dec 2011

(MENAFN) Renaissance Services’ said that its board agreed to boost the firm’s capital to reach USD129.87 million in order to finance the company’s financial expansion, reported Emirates 24/7.

The Omani oil services firm added that the cash would be used for near-term expansion, through Renaissance’s Topaz Marine and Engineering subsidiary, in the Gulf Arab region and the Caspian Sea, moreover, the expansion would be used to strengthen the company’s balance sheet.

It also said that the amount would be raised through a privately-placed quasi-equity instrument open to both new and existing investors, however, the firm didn’t provide a time for the issue.

It is worth noting that Renaissance was looking to raise USD380 million in the loan market for Topaz by the end of 2011 to help refinance current obligations.

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