| 13 Oct 2009 |
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Damas International Limited - Voluntary winding up of Subsidiary Company
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Damas InternationalDamas International
Limited announces the decision of the shareholders of its loss-making subsidiary Ms/ DIT Group SPA, (formerly Stefan Hafner SPA - Italy, hereinafter referred to as the "Subsidiary") to voluntarily wind up. The decision has been taken by the shareholders of the Subsidiary at its Extra Ordinary Shareholders Meeting held on 28th September, 2009 in Milan, Italy. Mr. Maurizio Prada has been appointed as the liquidator. The winding up petition shall be filed with the Court having appropriate jurisdiction. The Subsidiary accounted for less than 2% of the total revenues of Damas InternationalDamas International Limited in the year 2008-2009. The Subsidiary is a private limited company incorporated in Italy with a paid up share capital of Euro 13900000. The Subsidiary is engaged in the design, manufacture and distribution of jewellery under the trade mark "STEFAN HAFNER", "IoSi", "PORRATI" and "NOUVELLE BAGUE".
The Subsidiary was taken over by DamasDamas
Jewellery LLC as a chain subsidiary of Damas InternationalDamas International Limited in the year 2004. DamasDamas Jewellery LLC is the beneficial holder of 87.23% of the share capital of the Subsidiary. As per the Audited Balance Sheet of 31st December 2008, the carried forward loss for the years 2004 through 2007 is Euro 621854 and current year loss is Euro 4183529. DamasDamas Jewellery LLC has already made adequate provisions in its accounts for the Financial Year ended 31st March, 2009.
The shareholders have decided to go for voluntary winding up in order to prevent further losses.
A trust has already been formed for the liquidation procedure to protect the assets of the Subsidiary.
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Damas InternationalDamas International
Limited, the international integrated jewellery and watch retailer, which is listed on the NASDAQ Dubai and its shares are traded under the ticker "DAMAS", traces its origins back to 1907. The DamasDamas
Group has 514 stores around the world, as at 31st March, 2009. It has an extensive retail network with stores primarily located in Middle East, South Asia and North Africa. DamasDamas
enjoys strong brand awareness in the UAE and the wider GCC region and appeals to a wide range of nationalities and socio-economic backgrounds through distinctive store formats, each tailored to a specific type of customer. Les Exclusives caters to high net-worth customers, Semi-Exclusives to upper-middle income consumers such as tourists and expatriates and DamasDamas 22k caters primarily to middle income and working class populations.The innovative in-house collections include the majestic Bridal jewellery, exclusive jewellery brands such as DamasDamas
Cut, Boudoor, Hayati, Riwaya, Jawaher, Farasha, Fairouz, Harmony, Farfasha, Al Manthourah; watch brands Varotti and Aquamarin; and a wide range of other classic and contemporary jewellery and watch collections.In addition to its own brands and products, which account for the majority of sales, DamasDamas
also acts as distributor or agent or owner for international brands such as Tiffany & Co.®, Paspaley®, Parmigiani®, and Links of London®. The DamasDamas Group also owns several watch stores in the UAE in addition to DamasDamas Kids, which targets children and parents. In addition to the retail business, the Company sells loose diamonds and gold and diamond jewellery on a wholesale basis.The Company has significant manufacturing capabilities and manufactures gold and diamond jewellery in these facilities. These capabilities encompass the entire cycle from design to manufacturing and branding.
Quality consciousness, inspirational leadership and international reputation have led DamasDamas
to win prestigious awards including the exclusive De Beers Award 2000, 2004 and 2007 for jewellery design.www.damasjewellery.com
"For further information, please contact:
Brunswick Gulf Ltd
+ 971 4 365 8260
Alex Blake-Milton
Jeehan Balfaqaih
Assheton Spiegelberg
© Press Release 2009
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