Muscat bourse suspends Renaissance share trading

Times News Service MUSCAT: Share trading of Renaissance Services was suspended by the Muscat Securities Market (MSM) on Thursday, after the market regulator called for more information about a contract the company recently won from BP. Renaissance Services recently said that BP has awarded the contract for Consolidated Camp Facilities Management, to Renaissance’s wholly-owned subsidiary, Tawoos Industrial Services Company (Tisco).

Renaissance on Sunday announced that the initial phase of the contract, covering the 29 months commencing August 2015, has an estimated value of $48 million.

Capital Market Authority executive president Abdullah Salem Al Salmi said that the company did not give the financial impli- cation of the contract in the disclosure statement initially (on Thursday). The contract is for the provision of catering, maintenance and related facilities management services to the BP Khazzan project camps in Oman.

Al Salmi explained that the investors are more interested in knowing the financial implication of the contract so that they can take the right decision on the stock — to hold, acquire or sell.

“We need to give the information to all investors (simultaneously) so that they can act accordingly. We need to maintain that culture,” noted Al Salmi.

CMA has been vigilant recently on company disclosures.