Dubai, April 25th, 2011: Damas International Limited (Damas), the leading jewellery retailer in the Middle East, announced today that its subsidiary, Damas Jewellery LLC, has acquired 49 per cent of the share capital of its existing joint venture operation in the Kingdom of Saudi Arabia, Damas Saudi Arabia Company Ltd (Damas KSA).
The Damas KSA stake acquired by Damas was purchased for an undisclosed sum and increases Damas' stake in Damas KSA to 98 per cent., bringing the Saudi operation within the full control of Damas.
"We are pleased to announce the acquisition of this significant stake in Damas KSA," said Anan Fakhreddin, Chief Executive Officer, Damas International Limited. "The acquisition illustrates the optimism we at Damas have for our jewellery business in the Kingdom. The Saudi market is a core market for Damas, and this acquisition will help provide a platform for us to service this key market more fully."
Fakhreddin concluded that "We are fully focused on strengthening our core operations and ensuring that Damas remains the most admired jewellery brand here in the UAE and the wider Middle East."
Ashurst LLP and Hammad, Al Mehdar & Co. acted as legal advisers to Damas.-Ends-
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© Press Release 2011
