MUSCAT — Renaissance Services has announced that it has accepted an offer from a group of Omani-led strategic investors to sell its 100 per cent stake in United Media Services LLC (UMS). With this transaction, Renaissance will divest its Media and Communications Group (MCG) businesses. The divestment is a part of Renaissance strategy to exit from its non-oil and gas businesses. The value of the deal is RO3 million and is expected to realise a capital gain of around RO1.5 million. Stephen R. Thomas, CEO of Renaissance Services said: “UMS has been with Renaissance since its inception and like many of Renaissance’s other businesses is a market leader in its industry in Oman. We have previously advised our intention to divest non-core assets that do not fit directly in the Renaissance oil and gas services growth strategy. This included consideration to divest our high-performance, high-potential media business. We said we would consider divestment of this asset if the price offers realisation of value for shareholders; and if the investment strategy or industry focus of the buyer, offers a platform for UMS to meet its ongoing growth potential to the maximum advantage of UMS employees and UMS customers. These criteria have been met with this transaction, and we have no doubt that UMS will continue on its journey in good hands at both the ownership and employee level.” He added that Renaissance looks forward to continuing its relationship with UMS as one of the company’s delighted customers. UMS is a diverse turnkey media services company providing 360-degree media and communications solutions including advertising, interactive and IT solutions, publishing, media representation, media distribution and communications logistics, public relations and event management in Oman and Qatar. Renaissance is a diverse service group listed on the Muscat Security Market (MSM) in the Sultanate of Oman with a primary focus on oil and gas services. Renaissance owns one of the top 10 offshore support vessel fleets in the world; has engineering businesses in oil and gas fabrication and afloat ship repair; is a leading turnkey contract services provider; and has successful technology and training businesses.