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FINANCIAL NEWS
Qatari Mannai considers buying stake in Damas
11 Jan 2012
(MENAFN) Qatari Mannai said that it was mulling acquiring a stake in Damas, the Dubai jewelry giant, reported Gulf News.
Mannai added that it guaranteed commitments representing 58.79 percent of Damas shares, and that shareholders, including the Abdullah brothers who established Damas, were ready to accept the offer if it was made for USD0.45 a share.
On the other hand, it said that the price was conditional on a firm offer being made to Damas before April 30, adding that these commitments continue to be obligatory on the relevant shareholders even if a third party announced a firm intention to make an offer for Damas at a price more than USD0.45 a share.
It is worth noting that Qatari Mannai has businesses accross several fields, including oil and gas, automotives, consumer products and travel services.
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