Dubai’s Daman to launch a second private placement

13 Sep 2012

(MENAFN) Dubai-based Daman Investments unveiled plans to launch a second round of funding, Arabian Business reported.

CEO Shehab Gargash said that the company is preparing to sell 800,000 shares, which are expected to be sold for more than USD74 per share. He declined to say when.

The company has increased its shareholder base in June, as it sold a 22.7 percent stake through a private placement which values the company at USD119.8 million.

Daman Investments originally planned an IPO before the end of 2012, but in August it said it would postpone it until 2015 because the market environment is not ready.

Daman’s plan is for one third of the company to be publicly held, while the original investors retain a third and the rest is held by investors that came in between such as the recent private placement.

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