Wednesday, Aug 20, 2014
0727 GMT [Dow Jones]--For proof that a rising tide doesn't lift all boats look no further than Dubai's Topaz Energy and Marine. In the dark days following the global recession it scrapped a planned $500 million London IPO in 2011 that valued the company between $1.6B and $1.9B. Since then regional economies and capital markets have recovered strongly. Fast forward to Wednesday and Standard Chartered Private Equity says it will pay $75 million for a 9.8% stake in Topaz, implying a valuation of roughly $765 million, a long way off 2011's levels. Topaz is a subsidiary of Oman-based Renaissance Services (RNSS.ON) which is listed on the Muscat stock exchange. (tim.falconer@wsj.com; Twitter: @wsjmideast)
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(END) Dow Jones Newswires
20-08-14 0727GMT
