Renaissance Services' board has approved plans to raise new capital to help fund expansion, the Omani oil services company said on Tuesday.
The new capital, which will be worth up to 50 million rials ($129.87 million), will be raised through a privately-placed quasi-equity instrument open to both new and existing investors, Renaissance said in a statement to the Muscat bourse.
No timing for the issue, which still requires the approval of both regulators and shareholders, was given. Bank Muscat has been appointed as financial adviser for the offering.
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