Turnaround at Dubai-based Topaz takes hold | The National:
"René Kofod-Olsen, the chief executive of the Dubai-based Topaz Energy and Marine, admits that with hindsight, the early part of 2011 was not the perfect time to consider an initial public offering by a Middle East company on the London stock market.
The Arab Spring convulsions were in full swing, while global markets had been rocked by the economic aftershocks of the Japanese earthquake and tsunami.
Topaz, a subsidiary of the Oman conglomerate Renaissance Holdings, had been planning a US$500 million London listing, but called it off at the last minute as doubts about investor appetite became apparent. Later that year, Topaz was rocked by the discovery of fraud at a Kazakh subsidiary and doubts about its strategic corporate structure."
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