Dubai's RSS gets $15m expansion funds
By Murray Pollok13 August 2010
Dubai-based Rental Solutions & Services Ltd (RSS) has raised US$15 million in extra credit facilities to support its growth plans, including the addition of 50 MW of large gensets for major power projects.
RSS said the funds, which have been arranged with Lloyds Banking Group's corporate markets team in Aberdeen, UK, will allow it to "challenge for a bigger share of a growing market throughout the Middle East" and to expand both geographically and product-wise.
The company recently added mobile water desalination plants to its rental fleet and is now entering final negotiations to acquire 50 MW of large gensets for a new large projects division.
The rental company provides rental power and temporary cooling in Qatar, Saudi Arabia, Oman, Bahrain, Kuwait, Cyprus and Pakistan, and plans to expand into Latin America, China, India, Africa and Mediterranean countries.
Milan Balac, managing director of RSS, said Lloyds' support was testament to RSS's strong financial performance; "This additional facility will be utilized to grow our business geographically and to introduce new products to our rental fleet.
"We certainly see significant growth areas which are clearly defined in our medium term plans and supported with detailed market data. With this additional funding in place we will start executing these plans immediately."
Graham Fiddes, relationship director with Lloyds Banking Group Corporate Markets in Aberdeen & North of Scotland, said: "We have enjoyed a very successful relationship with RSS since 2007. During this period the business has produced impressive financial performances based on an aggressive but balanced business model."
RSS is part-owned by Scottish director Bob Kidd, who is majority shareholder of ITS Tubular Services (Holdings) Ltd, a global oil and gas services group based in Aberdeen.