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FINANCIAL NEWS
Abdullah brothers plan to sell Damas shares
05 Jan 2012
(MENAFN) Damas International, one of the Middle East’s biggest jewelers, said that the Abdullah brothers, the largest shareholders of the firm, would sell some of their shares in Damas, reported Emirates 24/7.
The firm added that the three brothers appointed a financial adviser previous to a potential sale of some of their shares, adding that they plan to sell the shares as a minimum of USD0.45 each, moreover, combined, the three brothers hold a stake in Damas of between 51 percent and 53.1 percent.
On the other hand, it said that in 2008, the three brothers had made illegal withdrawals worth USD167.17 million, a step that forced the company into a debt restructuring worth USD872 million.
It is worth noting that in May; a cascade agreement was inked under which the three would repay the owed amount over an agreed period through asset sales.
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