Omani company's holding in Topaz Energy and Marine seen above 51% post IPO
Oman's Renaissance Services aims to raise about $500m in a London listing of
its Dubai-based oilfield services unit and may also divest part of its stake in
a secondary offer, it said on Sunday.
Renaissance's Topaz Energy and Marine stake
is expected to be above 51 percent after the IPO, it said in its 2010 annual
report. The exact size of the secondary share sale will be decided closer to
the date of Topaz's IPO pricing.
Renaissance did not provide a specific
timeline for the IPO but said valuations for the share sale will be through a
book building process.
A source close to the deal said on Thursday
that the offering is expected to be completed in early April and is being run
by Bank of America Merrill Lynch and JP Morgan.
"Renaissance now believes a listing of Topaz on the London Stock Exchange
offers the most effective way to optimize future growth opportunities and
increase shareholder value," Chairman Samir Fancy said in the report.
Renaissance bought Topaz in 2005. Last year,
the firm had revenues of $408 million and profits of $70 million, Renaissance
said in the report.
In December, Renaissance acquired Abu
Dhabi-based Al Wasita Emirates for Services and Catering in a AED56m ($15.25m)
deal to expand its contract services operations in the UAE.
Renaissance shares were trading 3.7 percent higher on the Muscat bourse.