Renaissance sells United Media Services

30/04/2014 07:35 AST

Renaissance Services (Renaissance) announced that it has entered into a binding agreement with Muscat Overseas Group to divest its wholly owned subsidiary, United Media Services (UMS).

Muscat Overseas Group is one of the leading business organisations in the Sultanate of Oman operating in diversified businesses.

"This divestment is in line with Renaissance's strategic objectives aimed at focusing on two core businesses: the Topaz Offshore Support Vessel Fleet and the Renaissance Contract Services and Facilities Management Group. The UMS has earned a rightful place amongst the leading regional media companies, and Muscat Overseas Group's parentage will further strengthen UMS's leadership position in Oman and in the region," Renaissance said.

The precise value of the transaction is subject to the confidentiality agreement, but a positive impact is expected when the company reports its first quarter accounts.

"We believe that this investment will add value to our group and we are looking forward to be one of the major players in the Media and Communication operations in the GCC media market," Muscat Overseas Group said. The divestment is effective March 31, 2014.


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