UAE- Renaissance gets approval for buyback

(MENAFN- Khaleej Times)Renaissance Services shareholders approved issuance of perpetual bonds worth up to $200 million.

Dubai - Renaissance Services shareholders have approved plans for the company to buy back mandatory convertible bonds issued in 2012 and issue perpetual bonds the Omani firm said on TuShareholders endorsed the repurchase of 43.2 million rials ($112.2 million) worth of mandatory convertible bonds the company said in a bourse statement adding that the buy-back was conditional on financing being available.

They also approved issuance of perpetual bonds worth up to $200 million which would be issued by a foreign subsidiary wholly owned by Renaissance and denominated either in US dollars or rials the company said. The bonds may be conventional or sukuk.