Renaissance Services shareholders have approved plans for the company to buy back mandatory convertible bonds issued in 2012 and issue perpetual bonds, the Omani firm said on Tuesday.

Shareholders endorsed the repurchase of 43.2 million rials ($112.2 million) worth of mandatory convertible bonds, the company said in a bourse statement, adding that the buy-back was conditional on financing being available.

They also approved issuance of perpetual bonds worth up to $200 million, which would be issued by a foreign subsidiary wholly owned by Renaissance and denominated either in U.S. dollars or rials, the company said. The bonds may be conventional or sukuk.

Last month, the firm said it planned to issue perpetual notes to finance the repurchase of the convertible bonds and picked three banks to arrange the issue.

Source: Reuters