Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Renaissance Rises to Week High After BankMuscat Maintains ‘Buy’

Aug. 25 (Bloomberg) -- Renaissance Services SAOG rose to the highest level in more than a week as BankMuscat SAOG maintained its “buy” recommendation on the Omani services company even after the firm uncovered fraud at a unit.

The shares rallied 5.3 percent to 0.611 rial, the highest level since Aug. 15, at the 1 p.m. close in Muscat. Renaissance, which provides services to the oil and gas industry, is down 24 percent this month.

BankMuscat cited “strong growth” at the marine business of Renaissance. The share-price estimate was lowered 41 percent to 0.91 rial.

The shares on Aug. 15 retreated the most since April 2005 after the company said its unit Topaz Group was linked to financial fraud. Renaissance’s Chief Executive Officer Stephen Thomas said on Aug. 18 he is confident that the only fraud case is the one that has already been identified at the unit.

To contact the reporter on this story: Zahra Hankir in Dubai at

To contact the editor responsible for this story: Claudia Maedler at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.