Renaissance Services to seek shareholders’ approval for Topaz sale

Muscat - 

The board of directors of Renaissance Services has invited all the shareholders of the company to attend an ordinary general meeting, which will be held on July 29 at 3pm at the Capital Market Authority (CMA).

The company’s meeting will seek the shareholders’ approval for the sale of Renaissance’s 86.5 per cent equity shares in Topaz Energy and Marine Limited, according to a disclosure filed by Renaissance to the Muscat Securities Market on Sunday.

In the event that the quorum requirements for holding an ordinary general meeting are not fulfilled on July 29, a second ordinary general meeting shall be held on August 4 at 3pm at the CMA to consider the same agenda, Renaissance Services said.

Renaissance last week announced that its board of directors received and accepted a final binding offer from Dubai-based DP World amounting to RO415mn (US$1.079bn) enterprise value for acquiring 100 per cent shares in Topaz Energy and Marine Limited.

As much as 86.5 per cent Topaz shares are held by Renaissance through its ownership of Topaz JAFZA, and the balance of 13.5 per cent shares of Topaz are owned by Standard Chartered Private Equity/Affirma Capital (SCPEL).

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