Middle-east Arab News Opinion | Asharq Al-awsat

Qatari, Egyptian bidders to buy jeweler Damas | ASHARQ AL-AWSAT English Archive 2005 -2017
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DUBAI, United Arab Emirates (AP)- A Qatari-led group says it has reached a deal to take over Damas International, the Mideast jeweler that got caught up in a multimillion-dollar bookkeeping scandal.

Qatar-based conglomerate Mannai said on Wednesday that Damas’ board accepted the bid of 45 cents a share it and Egyptian investment bank EFG Hermes put forth.

The bidders say the deal is worth $445 million.

Mannai will hold a controlling stake of 66 percent of Damas, with EFG Hermes holding 19 percent. A group of the company’s top shareholders are also expected to have a minority stake.

Dubai-based Damas traces its history to 1907, and operates nearly 300 stores selling jewelry and watches, mostly in the Middle East.