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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."

17/08/2011

News

2017 

Date Publication Description Open

2016 

Date Publication Description Open
Aug 15 Muscat Daily Renaissance Services posts Revenue of RO 108mn in H1 Download
Aug 15 Times of Oman First phase of 'Renaissance Village' set to open this year Download
Jul 13 Oman Tribune Renaissance to begin bond repurchase Download
Jul 13 Oman Daily Observer Renaissance to repurchase third tranche of MCBs Download
Apr 03 Times Of Oman Renaissance Convenes Annual general meeting Download
Apr 03 Oman Tribune Renaissance Holds AGM Download
Apr 03 Muscat Daily Renaissance Holds AGM Download
Feb 15 Oman Tribune Renaissance reports loss Download
Feb 15 Muscat Daily Renaissance posts RO30mn net loss on one-off provision Download
Feb 11 Oman Daily Observer Duqm Port to have special berth for govt agencies Download
Feb 11 Times Of Oman Duqm authority signs OMR 55m Deal Download
Feb 11 Muscat Daily Sezad signs pact to develop govt berth at Port of Duqm Download
Feb 01 Oman Tribune Duqm port inks deal for government berth Download

2015 

Date Publication Description Open
Dec 16 Muscat Daily Fifteen students graduate in hospitality management Download
Dec 15 Times Of Oman Renaissance Supports Omani Students Download
Dec 14 Oman Daily Observer Renaissance graduates celebrate success Download
Oct 05 Muscat Daily Renaissance divests marine engineering unit for $18.5 Download
Oct 05 Oman Daily Observer Renaissance divests its Marine Engg subsidiary for $18.5m Download
Oct 05 Times of Oman Renaissance to sell marine engineering subsidiary Download
Oct 05 Oman Tribune Renaissance sells Topaz arm Download
Sep 28 Muscat Daily Renaissance unit acquires subsea vessels for $115mn Download
Sep 28 Oman Daily Observer Topaz Energy acquires Two more subsea vessels Download
Sep 28 Oman Tribune Topaz buys 2 vessels from Noeway's Vard Download
Sep 28 Times of Oman Renaissance subsidiary Topaz to buy two modern subsea vessels from Vard Download
Sep 15 Times of Oman? Reclassification of Renaissance mandatory convertible bounds Download
Aug 26 Times of Oman? Renaissance starts bond repurchase Download
Aug 12 Muscat Daily Renaissance report R01.9mn loss Download
Aug 12 Oman Tribune Renaissance net profit slips in H1 Download
Aug 12 Oman Tribune Renaissance H1 net slips on oil price fall Download
Aug 10 Times of Oman? Renaissance to repurchase second tranche of convertible bonds Download
Aug 09 Muscat Daily NBO was joint lead manager for Renaissance Group's $125mn dual-currency bond issuance Download
Aug 09 Times of Oman? NBO acts as joint lead manager in Renaissance's bond issuance Download
Jul 20 Times of Oman Renaissance prices its $125 million bond issue Download
Jul 16 Muscat Daily Renaissance prices $125mn,7.9% perpetual bond issuance Download
Jul 09 Muscat Daily CI reaffirms ratings of Renaissance MCBs Download
Jul 08 Oman Tribune Renaissance gets nod for bond issue,buyback Download
Jul 07 Muscat Daily Renaissance shareholders approve buyback of MCBs Download
Jul 07 Times of Oman? Renaissance shareholders okay bond buyback scheme Download
Jul 05 Muscat Daily Appoints advisers for bond issue Download
Jul 05 Times of Oman Appoints advisers for bond issue Download
Jul 02 Oman Tribune Renaissance hires banks for bond issue Download
Jul 01 Oman Daily Observer Renaissance Services resumes trading at MSM Download
Jun 30 Times of Oman Renaissance shares resume trading on MSM Download
Jun 30 Oman Tribune Renaissance resumes trading Download
Jun 30 Muscat Daily Renaissance Services shares recommence trading on MSM Download
Jun 30 Times of Oman Committed to Transparency Download
Jun 29 Times of Oman Renaissance future growth Download
Jun 29 Times of Oman Renaissance confident of meeting long-term growth Download
Jun 29 Times of Oman Muscat boures suspends Renaissance share trading Download
Jun 29 Oman Tribune CMA suspends trading in renaissance shares Download
Jun 29 Oman Daily Observer Renaissance services suspended from trading Download
Jun 29 Muscat Daily Renaissance shares remain suspended Download
Jun 25 Times of Oman Renaissance subsidiary awarded BP Khazzan camp facilities contract Download
Jun 25 Muscat Daily Renaissance subsidiary bags BP Khazzan camp contract Download
Jun 17 Times Of Oman Renaissance to hold key meeting Download
Jun 17 Oman Tribune Renaissance investors to meet on Jul 6 Download
Jun 16 Oman Tribune Renaissance bond prices surge 15% Download
Jun 16 Oman Daily Observer Renaissance Board okays repurchase of MCBBs Download
Jun 15 Times Of Oman Renaissance board approves repurchase of convertible bonds Download
Jun 15 Oman Tribune Renaissance get approval for bond buyback Download
Jun 15 Muscat Daily Renaissance plans to issue perpetual notes to fund convertible bond buyback Download
May 25 Oman Tribune Renaissance plans new JV Download
May 24 Muscat Daily Renaissance subsidiary setting up JV for provision of waste management services Download
Apr 29 Oman Tribune Renaissance honoured for cutting 45% carbon footprint Download
Apr 29 Oman Tribune Topaz to secure $550m loan to fund projects Download
Apr 29 Muscat Daily Renaissance-arm Topaz close to obtaining $550mn loan: Report Download
Apr 28 Times of Oman Sultanate's biggest solar project by Renaissance commissioned Download
Apr 28 Oman Tribune Solar power project opened at Renaissance facility in Fahud Download
Apr 28 Oman Tribune Pilot solar power project opened Download
Apr 28 Oman Daily Observer Innovative solar energy project opened in Fahud Download
Apr 28 Muscat Daily Renaissance solar project opened Download
Apr 02 Times of Oman Renaissance To Pay 10% Dividend Download
Apr 02 Oman Daily Observer Renaissance shareholders approved 10 per cent dividend Download
Mar 25 Oman Daily Observer Renaissance Services invests heavily into ICV Download
Mar 05 Times of Oman Duqm staff residences to be ready by mid-2016 Download
Mar 05 Oman Tribune Duqm staff housing project on schedule Download
Mar 05 Oman Daily Observer Duqm PAC Project to be completed by mid-2016 Download
Mar 05 Oman Daily Observer Duqm PAC Project to be completed by mid-2016 Download
Feb 16 Oman Daily Observer 35pc growth in Renaissance Services 2014 net Download

2014 

Date Publication Description Open
Nov 14 Muscat Daily MSM decline does not reflect strong market fundamentals Download
Nov 01 Business Today We all have a role to play in Oman's future Download
Aug 21 Times of Oman StanChart fund to invest $75m in Renaissance unit Download
Aug 21 Oman Tribune Topaz Energy gets $75m investment from StanChart PE Download
Aug 21 Oman Daily Observer Topaz secures $75m investment from Standard Chartered PE Download
Aug 21 Muscat Daily Renaissance subsidiary Topaz secures $75mn StanChart PE investment Download
Aug 12 Oman Tribune Renainssance registers H1 profit of 10.9m rials Download
Aug 12 Times of Oman Renaissance plans to offload less than 10% stake in Topaz Download
Aug 12 Muscat Daily Renaissance Services posts RO 10.9mn in H1 net profit Download Download
Jul 01 OER The quite Performer Download
Jun 22 Muscat Daily Oman boasts 38 firms among Forbes top 500 in Arab World Download
Jun 09 Times of Oman Topaz and Viking ink life-raft servicing pact Download
Jun 09 Oman Tribune Topaz signs pact with Viking Download
Jun 09 Oman Daily Observer Topaz and Viking sign global life-raft servicing pact Download
Jun 03 Times of Oman Renaissance backs Duqm with OMR100m investment Download
Jun 03 Oman Tribune Renaissance plans 110 m-rial accommodation facility in Duqm SEZ Download
Jun 03 Oman Daily Observer Renaissance committed to RO 100mn Duqm project Download
Jun 03 Muscat Daily Renaissance committed to RO 100mn Duqm accommodation project: Chairman Download
May 24 Times Of Oman Renaissance forms joint venture Download
May 15 Times of Oman Renaissance initiates work on Duqm project Download
May 15 Oman Tribune Renaissance posts 5.4m-rial profit in Q1 Download
May 15 Muscat Daily Renaissance Services Q1 net profit rises 11% Download
May 14 Times of Oman Chairman's Report Q1 2015 Download
Apr 30 Oman Daily Observer Renaissance divests UMS Download
Apr 30 Oman Tribune Muscat Overseas Group buys United Media Services Download
Apr 30 Times of Oman Renaissance sells UMS Download
Apr 15 Times of Oman Topaz bags another West African contract Download
Apr 15 Oman Tribune Topaz bags $11m order in West Africa Download
Apr 15 Oman Tribune Topaz bags $11m order in West Africa Download
Apr 15 Oman Daily Observer Topaz secures another W Africa contract Download
Apr 02 Times of Oman Renaissance bags OMR37m contract from health ministry Download
Mar 30 Oman Tribune Renaissance Services bags RO37mn Health Ministry contract Download
Mar 28 Oman Tribune Renaissance bags 37m-rial ministry deal Download
Mar 10 Oman Daily Observer Notice of the Annual General Meeting Download
Feb 11 Muscat Daily Topaz Energy bags $50mn contract Download
Feb 11 Oman Daily Observer Topaz wins $50 million West Africa contracts Download
Feb 11 Oman Tribune Topaz wins $50m contract in W. Africa to supply vessels Download
Feb 11 Times of Oman Topaz bags $50m contract in Africa Download
Jan 23 Times of Oman Topaz acquires modern anchor handling vessels Download
Jan 23 Oman Tribune Topaz Energy buys two anchor handling vessels Download
Jan 23 Muscat Daily Renaissance unit Topaz acquires two vessels Download
Jan 21 Times of Oman Renaissance sells its subsidiary National Training Institute Download
Jan 21 Oman Tribune Renaissance sells vocational training arm NTI to UK firm Download Download
Jan 21 Oman Daily Observer Renaissance to divest training business Download
Jan 21 Muscat Daily Renaissance Services divests NTI subsidiary Download

2013 

Date Publication Description Open
Nov 26 Oman Daily Observer Topaz wins $100m BP contracts Download
Nov 26 Oman Tribune Topaz Energy wins two BP contracts worth 38.5m rials Download
Nov 26 Times of Oman Topaz wins $100m contracts from BP Download
Nov 13 Oman Observer – National day publication – Oman faces & Places NTI featured under the Education Section "Training to become Skilled" Download
Nov 10 Muscat Daily Topaz Energy wins Lloyd's List 'Offshore and Energy' award Download
Nov 10 Oman Tribune Topaz wins Lloyd's List award Download

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