Wednesday, Jan 04, 2012
DUBAI (Zawya Dow Jones)--The Abdullah brothers have appointed a financial advisor ahead of a possible sale of some of the shares owned by them in Damas International, the Dubai-based jewelry firm said Wednesday.
The Abdullah Brothers--Tawhid, Tawfique and Tamjid--have informed the company that they intend to sell the shares at a price of not less than $0.45 per share, Damas said in a statement posted on the Nasdaq Dubai website.
Damas shares last traded 13% lower at $0.20 on the bourse Wednesday.
The company last year finalised a cascade repayment agreement with the three Abdullah brothers--founding members and major shareholders of Damas--as it restructured about $872 million of debt.
In March 2010, Dubai's Financial Services Authority fined Damas and the Abdullah brothers a total of $3.72 million and ordered them to repay $99.4 million plus the value of approximately 1.9 million grams of gold after it found they had withdrawn Damas funds for their personal use without disclosing it to the board.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
04-01-12 0923GMT
