+ 968 247 008 96 

|

contact@umsoman.com

|

 Our Office

|

 Site Map
 
News
17

Aug

2011

Renaissance statements on H1 2011 disclosure

On 15 August 2011 Renaissance Services SAOG released the quarterly Chairman's Statement and unaudited accounts for the half-year. Based on various interpretations and assumptions arising from that report, concerning our subsidiary Topaz, we wish to issue this statement to clarify the following:

Breach of Code of Business Conduct
Reports on the Chairman's Statement have focused primarily on the subject of fraud. The investigation into these matters, has so far centered on US$2.9 million of cash over a six-and-a-half year period, of which a portion appears to be connected with fraud or misappropriation. Without diminishing the seriousness we attach to any matters of this kind, this should be seen in context of materiality of a business that has generated revenues in excess of US$3.5 billion over that same period. We have included this matter as a disclosure, precisely because of our zero tolerance of such events and our disclosure policy. Within the company operations, the breaches in Code of Business Conduct are now a matter of history, the violations have been identified and stopped and perceived control weaknesses have been strengthened to ensure prevention of future repetition. The ongoing investigation is based on the fact that we have identified all the potential issues, which may now be ruled in or out of the process, as we seek to close out these matters administratively.

Topaz Management Departures
There is speculation that all management departures in this period are directly linked to the subject of fraud and other ethics violations. This is incorrect. Only one manager has been dismissed due to a direct connection with the alleged fraud. He was a junior level finance manager in an overseas subsidiary of Topaz. The resignations and departures of senior Topaz corporate managers described in the Chairman's Statement, have either been in the context and course of the overall operational and business challenges we have described, or have been accepted in the normal course of business as part of the cost savings described.

Potential one-off negative impact issues
The Chairman's Statement explains that we are facing a number of historical issues that may have potential one-off negative financial impact as high as US$30 million. Some reports have connected this figure to the alleged fraud and others to the restructuring of the company. This is incorrect. The potential $30 million impact is directly linked only to operational and business issues only.

Timeliness of Disclosure
With respect to timeliness of disclosure: There are many issues disclosed in the Chairman's Statement that are in fact in advance of actual outcome, but provide guidance to stakeholders that an issue may arise and provide assurance that we are doing everything possible to mitigate impact. There are other issues for which events have unfolded along a timeline, where premature disclosure may compromise a process or cause harm to the company. These have been disclosed at the first appropriate opportunity. Renaissance adheres strictly to Capital Market Authority (CMA) and Muscat Securities Market (MSM) regulations. The timing and level of disclosures in all Renaissance statements either meet or exceed the regulatory standards set.

Business as usual
In the meantime we assure our stakeholders we are pressing ahead with resolving the challenges and pursuing our ongoing business as usual. As stated clearly by our Chairman "The fundamental strengths and value of Renaissance remain intact and there is every reason to be confident for the future ahead of us."

17

Aug

2011

Invitation to Conference Call on H1 2011 results

Renaissance Services SAOG invites its shareholders, investors and all stakeholders of the public interest to a conference call with the company's management headed by Stephen R. Thomas, CEO of Renaissance Group, along with Vishal Goenka, CFO of Renaissance Group.

Mr. Thomas and Mr. Goenka will openly address and respond to questions regarding the half-year 2011 results, statements made in the Chairman's Report, andthe present operational and financial performance of the company and its subsidiaries.

The conference call is being organized through BankMuscat.

We welcome your participation and have arranged for the following numbers for our local and international stakeholders to take part:

Date: Thursday, 18 August 2011
Time: 12:00 pm Oman/UAE Time, 9:00 am London Time
Duration: 90 minutes

Oman participants please dial: +44 (0) 1452 569 335
UAE participants please dial: 8000440189
UK participants please dial: +44 808 238 0673
Other Intl' participants please dial: 1866 655 1591
Conference ID for all participants: 92563707

The conference call, which will include management's remarks, followed by a question and answer session, will last approximately 90 minutes.Please dial-in approximately 10 minutes ahead of the scheduled start time to ensure your participation.

The half-year 2011 results are on the company website: http://www.renaissance-oman.com.

For further details on the call, contact
Sagar Patel – BankMuscat – Oman - +968-99446176
Kunal Damle – BankMuscat – Oman - +968-99363121

17

Aug

2011

Conference with Renaissance Services’ Management

Renaissance Services SAOG invites its shareholders, investors and all stakeholders of the public interest to an open conference with the company’s management headed by Samir J. Fancy, Chairman of Renaissance Group, along with Stephen R. Thomas, CEO of Renaissance Group, Vishal Goenka, CFO of Renaissance Group, and members of the Board of Directors, to address and respond to questions regarding the half-year 2011 results, statements made in the Chairman’s Report, and the present operational and financial performance of the company and its subsidiaries.

We welcome your participation and have arranged for the following events for our local and international stakeholders to take part:

OPEN CONFERENCE

Date: Thursday, 18 August 2011
Place: Capital Market Authority Hall (CMA), Muscat
Time: 9:00 AM Oman
Duration: 90 minutes

INTERNATIONAL CONFERENCE CALL

Date: Thursday, 18 August 2011
Time: 12:00 PM Oman/UAE Time, 9:00AM London Time
Duration: 90 minutes

Oman participants please dial +44 (0) 1452 569 335
UAE participants please dial

8000440189

UK participants please dial +44 808 238 0673
Other participants please dial +1866 655 1591
Conference ID for all participants 92563707

Please dial-in approximately 10 minutes ahead of the scheduled start time to ensure your participation.The conference call is being organised through BankMuscat.For further details on this contactSagar Patel – BankMuscat – Oman - +968-99446176

 

Copyright (c) United Media Services LLC