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News
27

Jun

2012

Renaissance Services Convertible Bonds

Capital Intelligence (CI), the international credit rating agency, today announced that it had assigned a rating of 'omBBB' to the forthcoming mandatory convertible bonds to be issued by Renaissance Services S.A.O.G. (Renaissance). The Outlook on the Rating is stable. CI has also assigned Long-Term and Short-Term Corporate Ratings to Renaissance of 'omBBB' and'omA3', respectively. Both ratings also have a stable Outlook.

The Capital Market Authority, Oman has approved today the prospectus of the forthcoming mandatory convertible bonds to be issued by Renaissance Services SAOG.

Renaissance Services Mandatory Convertible Bonds - Rights Basis

24

Jun

2012

Topaz wins ferry contract for Sharjah Government

Renaissance subsidiary, Topaz Marine Engineering (“Topaz”), a UAE-based full service ship building, ship repair and engineering services company, confirms it has been commissioned by the Government of Sharjah’s Royal Court (Al Diwan Al Amiri) to build and deliver one Catamaran passenger ferry boat (“Catamaran” or “ferry”).

With a focus on passenger luxury and efficiency, the Catamaran will be designed to accommodate 40 people, with passengers all seated on the main deck. It will be used to transport people between mainland Sharjah and the Abu Musa Island, situated 70 kilometres offshore. The ferry will be built at Topaz’s Nicocraft Shipyard in Abu Dhabi and is scheduled for delivery in January 2013.

Thomas Bower, Managing Director of Topaz Marine Engineering, commented:
“Ferry boats are becoming increasingly common across the Gulf countries and Topaz is responding to this demand by working to worldwide standards and developing new designs which offer the very best in luxury, high speed, manoeuvrability and excellent sea keeping characteristics to make this kind of transportation more safe and comfortable. Securing this contract comes as testament to our competitive advantage and we look forward to winning more as we continue to expand our services in this growing niche market.”

Topaz Marine Engineering has had an excellent start to the year. It has recently delivered two 18 metre Catamaran ferry boats to a client in the UK and completed the delivery of two wind farm support vessels (WFSV) to ASP Work Boats Ltd. Topaz is also completing the delivery of two Anchor Handling Supply (AHTS) vessels, Topaz Dignity and Topaz Triumph on behalf of BP, which are due to be deployed in the Caspian Sea on long-term contracts. Furthermore, Topaz was awarded a contract from GAC Group to provide completion services for two crew/cargo vessels.

Topaz Marine Engineering and its sister company, Topaz Oil and Gas Engineering, covers fabrication and construction; maintenance services; ship building and marine repair for the offshore support vessel and engineering services. The companies are part of Topaz Energy and Marine, a wholly-owned subsidiary of Renaissance Services, a Muscat-based oilfield services company and are both regional leaders in undertaking turnkey engineering, procurement and construction projects with over 35 years of experience operating in MENA and more recently in the Caspian.

18

Jun

2012

Extraordinary General Meeting Resolutions

The Extraordinary General Meeting of Renaissance Services SAOG was held at 3:00 P.M on Monday 18 June 2012 at the Meeting Hall of the Capital Market Authority (CMA). The meeting was attended by the CMA delegate, in addition to the representative of the Legal Advisors & representatives the Statutory Auditors of the Company. The percentage of shares represented in the meetings amounted to 78.47%. The resolutions resolved in the meeting are as follows:

The Shareholders approved the issue of upto 1,000,000,000 bonds at an Issue Price of RO 0.100 each. The Bonds shall be issued through either rights issue or public issue during a period of 5 years from the EGM date, which may be issued in more than one issue. The prospectus of each issue will specify the terms and conditions of the issue in terms of whether the Bonds are convertible to shares or unconvertible, whether the Bonds are secured or unsecured and whether the Bondholders are eligible to claim interests or not. 

Since there were no other issues to be deliberated in the meeting, the meeting concluded its business on the same day and date indicated above.

05

Jun

2012

Renaissance announces appointment of new Topaz CEO

Renaissance Services has announced the appointment of René Kofod-Olsen as CEO for Topaz Energy & Marine (Topaz). Mr. Kofod-Olsen's career spans 18 years in the marine industry with the A.P. Møller-Maersk Group (APMM), including a period as Chief People Officer of SVITZER, responsible for the global HR function. He is currently CEO of SVITZER Asia, Middle East & Africa, responsible for a fleet of 130 vessels operating in 17 countries. He is also a member of the global executive leadership team of SVITZER. He will take up his new position at Topaz in early August 2012.

Topaz has one of the youngest, most modern and versatile Offshore Support Vessel (OSV) fleets in the world. The Topaz fleet, which average age is 7.2 years compared to an industry average of 13 years, operates primarily in the MENA and Caspian regions. Topaz is a wholly owned subsidiary of Renaissance Services.

Renaissance Chairman, Mr. Samir Fancy said "We are delighted to have René join our team. He has proved his leadership credentials in a distinguished career with the A.P. Møller-Maersk Group culminating with his success as CEO of SVITZER for Asia and MENA. He shares our growth ambitions for the Topaz Marine fleet."

Mr. Kofod-Olsen commented "Topaz is a global OSV company that is well positioned in their key markets with enormous growth potential. I am joining a great team of marine professionals and I am excited about what we can achieve together."

02

Jun

2012

Notice of the Extraordinary General Meeting

The Board of Directors of Renaissance Services SAOG ("the Company") invites all Shareholders to attend the Extraordinary General Meeting, which will be held on 18 June 2012 at 3:00 P.M. at the Meeting Hall of the Capital Market Authority (CMA) to discuss the following agenda:

  • To approve the issue of upto 1,000,000,000 bonds at an Issue Price of RO 0.100 each
    (as per the link - EGM Notice Attachment - 1 ) .

In accordance with the Articles of Association of the Company, any Shareholder may appoint a representative by proxy to vote on his behalf by signing the Proxy Form, which may be sent to the office of the Company on fax No (00968- 24 796 639). In accordance with the Administration Decision of the CMA No 51/2010, the proxy authorizing any person to attend general meetings and vote for its resolutions must be executed on the Proxy Form issued by Muscat Clearing and Depository Co attached to the meeting notice. If the proxy is issued by a natural person, a copy of such person ID card in case of adults, copy of the passport in case of women and minors who do not have ID cards and copy of resident card or passport in case of non-Omani must be attached to the Proxy Form. If the proxy is issued by a juristic person the Proxy Form must be sealed by the company's seal, signed by one of the company's authorized signatories and copies of the company's Certificate of Commercial Registration and Authorized Signatories Form must be attached to the Proxy Form.

For further information please contact Mr. Saad Abdullah Ali – Company Secretary, on phone No (00968- 24 796 636 Extn. 306) or email address: saad@tawoos.com.

Note: The Public Joint Stock Companies deposit the unclaimed dividends of the investors with the Investors Trust Fund, after the lapse of six months of the date of eligibility. Shareholders are requested to refer to Muscat Clearing & Depository Co regarding any inquiries about any dues accruing to them.

 

Samir J Fancy
Chairman
Price Waterhouse Coopers
Auditors
Trowers & Hamlins
Legal Advisor
 

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