Renaissance drops plans to IPO subsidiary

28 March 2012

Topaz Energy and Marine to focus on generating profits instead

Oman-based Renaissance Services, a multinational firm with operations in the energy and marine sectors, will not pursue plans to list subsidiary Topaz Energy and Marine, according to local media reports.

Samir Fancy, chairman of Renaissance was quoted as saying: “While a public listing may offer the most effective way to optimise future growth opportunities, it will not happen this year.”

Renaissance will instead focus on generating profits at loss-making Topaz Energy and Marine. The plan was originally to list the subsidiary on the London Stock Exchange (LSE) as Topaz Listco by the end of 2012.

Shareholders had approved to raise $500m for Topaz energy at last year’s annual general meeting.

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