Gulf Oil and Gas accountACCOUNT

Renaissance Plans to Raise New Growth Capital

Source: www.gulfoilandgas.com 12/27/2011, Location: Middle East

Renaissance Services SAOG has announced that its Board of Directors has approved the raising of up to Rial 50 million (USD 130 million) of additional capital through a quasi-equity instrument, subject to regulatory provisions and the shareholders’ approval. The offering will be open to current shareholders and new investors through private placement. The proceeds will be used to fund the company’s expansion plans, primarily in the Marine business in the GCC and Caspian regions, and will also be used to further strengthen the company’s balance sheet. Renaissance, through its subsidiary Topaz Marine and Engineering, has identified opportunities in the Arabian Gulf and the Caspian Sea as the focus for its near term growth. Topaz also has fledgling operations in West Africa and other new oil markets, which have been targeted for growth in the longer term.

Samir Fancy, Chairman of Renaissance Services, said, “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.”

“We have made significant progress in addressing the challenges of 2011 and are pleased by the support shown in us by our investors. We are confident that the fundamental strengths of our business model will drive profitable growth in 2012 and beyond. The new capital will help us to take advantage of future growth opportunities available to us in our core market,” Fancy added.

Renaissance has appointed Bank Muscat as Financial Advisor and Arranger of the capital raising. Abdul Razak Ali Issa, Chief Executive of Bank Muscat, said, “We thank the Renaissance Board for the confidence placed in our investment banking team for this important capital raising mandate. Our team has been consistently ranked amongst the top 25 global advisors over the last three years in terms of mandates won and mandates closed by Infrastructure Journal and Project Finance International. The team has successfully managed a number of large equity raising transactions over 2008-11 despite challenging market conditions. We look forward to working on this transaction with Renaissance and bring it to a successful close.”

Investment News in United Arab Emirates >>

Mozambique >>  8/18/2019 - Total SA is committed to developing the Mozambique natural gas project that it will take over from Anadarko Petroleum Corp. as part of its expansion i...
Trinidad and Tobago >>  8/8/2019 - The BHP Board has approved US$283 million (BHP share) in funding to develop the Ruby Project in Trinidad and Tobago. Total investment for the oil and...

United States >>  8/7/2019 - Oryx Midstream Services (Oryx), the largest privately-held midstream crude operator in the Permian Basin, announced that an affiliate of Qatar Investm...
United States >>  8/1/2019 - Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, has taken the final investment decision (FID) for the PowerNap deep-water project ...

South Sudan >>  7/31/2019 - Following an open tender and a highly competitive international bidding process, the African Development Bank through its African Legal Support Facili...
Egypt >>  7/26/2019 - Egypt's Ministry of Petroleum and Mineral Wealth and Ministry of Electricity and Renewable Energy signed with the US Department of Energy a memorandum...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.