Oman’s Renaissance Services SAOG, a service supplier to the oil and fuel business, is contemplating an preliminary public providing for its Topaz Energy & Marine unit, in response to folks acquainted with the matter.
Renaissance, which has a market capitalization of about $379 million, may search a valuation of about $1.5 billion for the Dubai-based enterprise, the folks mentioned. Goldman Sachs Group Inc. and Morgan Stanley are advising on the share sale, which may happen subsequent yr in London, mentioned the folks, asking to not be recognized as the small print aren’t public.
Valuation and placement are nonetheless being mentioned and no remaining selections have been made, the folks mentioned. Renaissance might also select to retain its stake within the division for now, they mentioned. Renaissance had deserted a London IPO of the unit in 2011 and thought of promoting it a yr later. Topaz raised $203 million in May to refinance its debt.
A consultant for Renaissance couldn’t instantly be reached. Spokesmen for Goldman Sachs and Morgan Stanley declined to remark. A consultant for Topaz pointed to an announcement by Chairman Samir Fancy within the 2017 annual report and declined to remark additional.
“Topaz and its shareholders imagine that it’s the proper time to contemplate the corporate’s strategic choices in relation to development and capital enhancement,” Fancy wrote at the moment. “All choices are being thought of, together with inorganic and capital market transactions akin to an providing of securities,” although no selections have been made, he mentioned.
First-half earnings earlier than curiosity, taxes, depreciation and amortization rose 33% from a yr earlier to $77 million, in response to Topaz. The offshore help vessel and marine logistics firm mentioned a key purpose for the upswing was a turnaround of its African enterprise in a buoyant market.
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Standard Chartered Private Equity holds a minority stake within the firm.
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