Renaissance unit signs first phase of debt plan

Topaz Energy and Marine, a unit of Oman's Renaissance Services, has signed the first phase of a $330 million (Dh1.2 billion) refin-ancing loan agreement with banks, its parent said in a statement to the bourse yesterday. UAE-based Topaz appointed banks in November to lead a refinancing initiative, after it was hit by a $2.9 million fraud scandal. The first phase of the refinancing plan totals $203 million and was arranged and financed by Standard Chartered, DVB Bank and First Gulf Bank, the statement said. The deal will refinance Topaz's existing borrowings and release $60 million in trapped equity, it added.

Etihad, Virgin Australia

Etihad Airways has leased a Virgin Australia Boeing 777-300ER for use on its route between Abu Dhabi and Kuala Lumpur. It is a once-a-week wet lease service. Etihad Airways and Virgin Australia forged a 10-year strategic partnership 21 months ago.

Saudi Airlines Catering Co.

Saudi Arabia's Capital Market Authority has given approval to Saudi Airlines Catering Company for an initial public offering of 30 per cent of its stock, the regulator said in a bourse statement yesterday. The offering, which will consist of 24.6 million shares, will be sold to the public between June 18-24, following a period of bookbuilding which will decide the price which prospective investors will pay.

Zain Saudi

Mobile Telecommunications Co. of Saudi Arabia (Zain Saudi) received the market regulator's approval to reduce its capital and then increase it via a rights share sale. Zain Saudi plans to lower its capital to 4.8 billion riyals (Dh4.7 billion) from 14 billion riyals. It will then increase its capital through a rights share sale with 6 billion riyals.

— Compiled from staff reports & agencies