Oman's Renaissance Services plans to issue perpetual notes to finance the buy-back of convertible bonds, the company said on Sunday.

The notes will be issued by a foreign subsidiary wholly owned by Renaissance, and sold to major local and regional institutional investors, a statement to Muscat's bourse said. It did not elaborate on the buyers or the size of the scheme.

Renaissance's board has approved the buy-back of mandatory convertible bonds issued in 2012. At the time, the bond sale raised $110 million.

The buy-back is subject to shareholder approval. The record date for the first buy-back exercise is July 25, with the repurchase price set at 0.170 rial.

"The purpose of the scheme is to create an additional option for (bond) holders, where they can opt for cash in place of shares in the Company," the statement added.-Reuters