Mubasher: Renaissance Services announced on Monday that it has successfully completed the repurchase of the second tranche of mandatory convertible bonds (MCBs).

“Over 97% of the MCB holders (net of treasury holding) have opted to participate in the second repurchase,” the Omani firm revealed in a filing to the Muscat Securities Market (MSM), adding that it has already transferred the coupons to Muscat Clearing and Depository (MCD) for MCB holders who took part in the second buyback.

MCB holders who did not participate in this repurchase scheme will be paid an annual coupon on 6 August, 2016, as stated in section VII of the terms and conditions of the issue of the MCB Prospectus.

Following the repurchase, remaining Renaissance MCBs will be reclassified and listed on the MSM for trading as Renaissance Services Bonds (A) and (B).

The first segment of the MCBs is slated for conversion into shares in 2016 and 2017, and represents MCB holders who did not take part in the second repurchase. Meanwhile, the second segment (B) will be converted into shares in 2017 only. This segment represents MCB holders who have participated in the second repurchase, with MCBs (representing only the third tranche) will be converted to shares in 2017.

“Please note that the reclassification of MCBs [is] for identification purpose and, should not be construed as newly issued MCBs. All other terms and conditions of the reclassified MCBs will be same as per the erstwhile MCBs,” the company concluded in its statement.

The oil and gas firm previously reported turning to losses of OMR 1.9 million ($4.9 million) in the first half of 2015, against profits of OMR 10.9 million ($28.3 million) in the same period of 2014.