MUSCAT, July 1 (Xinhua ) -- Dubai Ports World (DP World) on Monday acquired the Omani company Renaissance Services' shares in its subsidiary Topaz with 415 million Omani rials (about 1.08 billion U.S. dollars).
The acquisition was revealed during a press conference held by the Renaissance Services on Monday in the capital Muscat.
Renaissance Services had owned 86.5 percent of Topaz's shares, said a press release.
"This transaction is in line with our strategic plans and will be a solid foundation for growth in service and facility management, a field that requires less capital but offers significant opportunities for growth and value enhancement," said Samir Jimmy Fancy, the chairman of the board of directors of Topaz.
Topaz is active in the field of energy and navigation and has strong ties with major local and international oil companies such as BP, ExxonMobil, Dubai Petroleum, Saudi Aramco and Dragon Oil.
Topaz has more than 2,500 employees and revenues of 349 million dollars in the fiscal year 2018.