Oman Economic Review – July 2019

16 July 2019

T

he board of directors of
Renaissance Services have
received and accepted a final
binding offer from DP World
amounting to RO415mn enterprise
value for acquiring 100 per cent shares
in Topaz Energy and Marine Limited,
Bermuda (Topaz).

As many as 86.5 per cent Topaz shares

are held by Renaissance through its

ownership of Topaz JAFZA. The balance

13.5 per cent shares of Topaz are owned

by Standard Chartered Private Equity/

Affirma Capital (SCPEL).

Under the terms of the proposed

transaction, Renaissance shall also

receive a settlement from Topaz of an

outstanding RO30.2mn shareholder loan.

DP World’s final binding offer is

subject to regulatory consents and

approvals, including Renaissance

shareholder approval. Through

this divestment, Renaissance and

SCPEL are passing Topaz on to new

ownership that has the synergies,

capital strength and global reach

to take the company forward to

new heights.

Unlocking Value

Renaissance Services sells Topaz Energy and Marine Limited to

DP World in a $1.079bn deal

Stephen R Thomas, CEO and Vishal Goenka, CFO of Renaissance Services addressing the investors and analysts meeting at the CMA

FINANCE