FINANCIAL NEWS

Shares of Damas to be delisted from Nasdaq Dubai

15 May 2012

(MENAFN) BidCo announced that it decided to cancel the listing of Damas International’s Ltd (DIL) shares on Nasdaq Dubai, with the measure taking effect on July 12, reported Emirates 24/7.

The company, a consortium composed of Qatar’s Mannai Corporation and investment funds managed by an Egypt-based investment bank, approved the delisting as its became a holder of over 75 percent of the voting rights attached to the issued share capital of DIL.

On the other hand, the Dubai Financial Services Authority (DFSA), which manages the Nasdaq Dubai bourse, said that it will stop trade in Damas shares with effect from June 5.

It is worth noting that according to the BidCo statement, bidders received acceptance of their offer of USD0.45 per Damas share from holders of 879 million DIL Shares, whereas the bid will stay open for acceptance until May 24.

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