Mubasher: Renaissance Services has entered into an agreement to exit its stake in Topaz Engineering Limited (TEL) and its subsidiaries which provide marine engineering and ship building services in the Middle East.
Chalmers Holdings Limited bought the stake for $18.5 million, according to a bourse filing.
TEL was previously held for divestment in the Renaissance Services accounts, the statement said, adding that the divestment will result in a loss of $5.5 million.
The divestment will streamline Renaissance’s portfolio through focusing on growing its core businesses of offshore support vessels via Dubai-based Topaz Energy and Marine, and developing its contract services business based in Oman.
