Renaissance says Topaz weighing all strategic options

Muscat - 

Responding to a Bloomberg report that said Renaissance Services is considering an initial public offering (IPO) for its Topaz Energy and Marine unit, Renaissance on Wednesday said that Topaz continues to consider all strategic options, including inorganic and capital market transactions such as an offering of securities in the company.

In a disclosure filed with the Muscat Securities Market (MSM), Renaissance said the company’s position is the same as clearly explained in the chairman’s statement issued to the market for first half of 2018, published on August 15, 2018.

‘We have appointed professional advisors to guide us on options to reach the best decision. At this stage, no decision has been taken to proceed in any particular direction. Any transaction in the future would be subject to meeting the company’s strategic criteria based on market conditions at the time; strengthening the company’s capital base; and avoiding the import of unnecessary risk’, Renaissance said.

Bloomberg on Tuesday had reported that Renaissance could seek a valuation of about US$1.5bn for the Dubai-based Topaz, according to people familiar with the matter. Goldman Sachs Group Inc and Morgan Stanley are advising on the share sale, which could take place next year in London, said the people, asking not to be identified as the details aren’t public, Bloomberg reported.

Renaissance in its disclosure said that the company remains on a path of discovery of all options. ‘Our view is any comment on potential valuation contained in the Bloomberg article is speculative’, the company added.

 

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