Connecting intelligence with intelligence

×
×
Advertisement

Jul 11 2012

Renaissance Mandatory Convertible Bonds Rights Issue opens for subscription

Renaissance Mandatory Convertible Bonds Rights Issue opens for subscription
Muscat- The much awaited rights issue of Renaissance Services SAOG Mandatory Convertible Bonds (MCBs) opened yesterday for subscription. The Company is offering 423,141,678 mandatory convertible bonds worth OMR 43,160,451 at an issue price of OMR 0.102 each on rights basis.

The proposed capital raise will strengthen the company's balance sheet and will also provide the required growth capital for investments in its core businesses.The company's Marine and Contract services businesses have grown significantly over the last couple of years, and offer tremendous growth potential in the future. The proceeds from the rights issue will provide the required capital to fund those growth opportunities.

The issue is open for subscription till 24 July 2012 and the MCBs are expected to be listed on the Muscat Securities Market by 8 August 2012.The highlight of the issue is its attractive returns of 16.9% (IRR) commensurate with risk and protection from market price fluctuations.

BankMuscat Investment Banking Division is the issue manager and subscription bank while Trowers&Hamlins is the legal advisor to the rights issue.

© Press Release 2012


© Copyright Zawya. All Rights Reserved.


Be the first to comment

Send This Article To Your Friends

All fields are required.

Use commas for multiple email addresses

We'll use your email address to send the article on your behalf and it will not be collected or used for any other purposes.

X