Oman's Renaissance to sell media unit for $7.8 million

DUBAI (Reuters) - Oman's Renaissance Services Co said on Monday it would sell a media services unit to a group of Omani investors for 3 million rials ($7.79 million) as part of plans to focus on its core business of oil and gas.

Renaissance expected to make a profit of 1.5 million rials from the sale of Media and Communications Group to unnamed investors, it said in a statement on the Muscat bourse Web site.

"This divestment is part of Renaissance's strategy to exit from its non-oil and gas businesses," the company said in the statement.

Shares of Renaissance have rallied almost 25 percent this month, and 175 percent this year, on expectations the firm would make profits from selling units.

Renaissance Chief Executive Stephen Thomas told Reuters on December 24 the company was in talks to sell three of its units in training, media and technology fields. One of the sales would occur this month and the other two next year, he said.

The company said in March it planned to invest $500 million in the next three years mainly to acquire gas and oil support vessels.

(Writing by Daliah Merzaban; Editing by Ola Galal)