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FINANCIAL NEWS
UAE’s Damas to sell founders’ assets
04 Oct 2011
(MENAFN) Damas International’s CEO, Anan Fakhreddin, said that as part of a USD163.4 million repayment deal, in the period of three years, the company would sell some assets of its founders, reported Arab News.
Fakhreddin added that in order to make the most of the assets, the company would not try to speed up the assets sale, adding that Damas inked a repayment deal in May with the company’s founding Abdullah brothers and
creditors.
He also said that in 2010, an investigation showed that the Abdullah brothers owed the company a total of USD167 million including USD69.6 million worth of gold withdrawn from Damas by the three brothers.
It is worth noting that Damas reached a final deal with all its lenders and finished the restructuring of its USD872 million debt.
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