Renaissance plans quasi-equity after Topaz debacle
Omani oil and gas services provider Renaissance Services which last year failed to IPO its Topaz unit in London — and later alleged fraud and mismanagement at the company — announced plans for a $130m capital raise through a private placement of an as yet unspecified “quasi-equity instrument” to new and existing investors.
Renaissance said in the run-up to the new year that it would provide more details and seek shareholder support at an extraordinary general meeting in March.
We have made significant progress in addressing the challenges of 2011, said chairman Samir Fancy. We are confident that the fundamental strengths of
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