Mannai Corp-led consortium buys Dubai’s Damas

26 Apr 2012

(MENAFN) A consortium lead by Qatar’s Mannai Corp bought Dubai’s top jeweler Damas for USD445 million, Reuters reported.

Damas said in a statement on the Nasdaq Dubai bourse that more than 75 percent of the jeweler’s shareholders supported the deal.

The deal would be Mannai’s second buyout in the UAE after it snapped up a 35 percent stake in Axiom Telecom in 2011.

Mannai Corp will become the biggest shareholder of Damas, with a 66 percent stake, and will delist the jeweler from NASDAQ Dubai.

The brothers have been sidelined from the jeweler they helped found and which has been forced to restructure USD872 million in debt.

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