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Mar 26 2012

No Topaz IPO in 2012, says Renaissance

Renaissance Services will not revive last year's planned initial public offering (IPO) of its Topaz Energy and Marine subsidiary in 2012 as the company focuses on strengthening its businesses and turning around loss-making operations following a tough 2011.

Originally planned to be launched on the London Stock Exchange as Topaz Listco, shareholders approved a plan to raise US$500mn for Topaz Energy at last year's annual general meeting. However, a combination of the Arab Spring, the eurozone crisis and other market fluctuations caused Renaissance to pull the plug on the IPO.

In his annual report to shareholders, Renaissance chairman Samir Fancy said that while a public listing 'may offer the most effective way to optimise future growth opportunities,' it will not happen this year.

He said, "We have no current plans to revive the IPO in 2012, although this remains a realistic ambition for the company - in particular for our marine business. We believe our priority should be to press ahead with growth in the business and wait for an upturn in global economic sentiment before considering any independent listing."

© Muscat Daily 2012

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