04 November 2009
Damas International Limited announces the decision of the shareholders of its loss-making subsidiary Ms/ Damas Europe S.p.A ("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 13th October, 2009 in Vicenza, Italy. Mr. Maurizio Prada has been appointed as sole liquidato. The winding up petition shall be filed with the Court having appropriate jurisdiction. The Subsidiary accounted for less than 1% of the total revenues of Damas International Limited in the year 2008-2009.
The Subsidiary is a joint stock company incorporated in Italy with a paid up share capital of Euro 7.852 million, as of 31st December 2008 and is engaged in retailing of gold and diamond jewellery, watches, silver jewelry and accessories through a chain of retail stores in various parts of Italy.
The Subsidiary was taken over by Damas Jewellery LLC as a chain subsidiary of Damas International Limited in the last quarter of 2008. Damas Jewellery LLC is the beneficial holder of 65.82% of the share capital of the Subsidiary.
As per the Audited Balance Sheet of 31st December 2008, the carried forward loss for the years 2003 through 2007 is Euro 3.888 million and loss for 2008 was Euro 6.975 million. Damas Jewellery LLC has already made adequate provisions in its accounts for the Financial Year ended 31st March, 2009.
The shareholder has decided to go for voluntary wind up in order to prevent further losses.
- Ends -
For more information, please contact:
Brunswick
Tel: + 9714 365 8260
Alex Blake-Milton
Tel:+ 9714 365 8260
Jeehan Balfaqaih
Tel:+ 9714 365 8260
Assheton Spiegelberg
Tel:+ 9714 365 8260
Damas International Limited announces the decision of the shareholders of its loss-making subsidiary Ms/ Damas Europe S.p.A ("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 13th October, 2009 in Vicenza, Italy. Mr. Maurizio Prada has been appointed as sole liquidato. The winding up petition shall be filed with the Court having appropriate jurisdiction. The Subsidiary accounted for less than 1% of the total revenues of Damas International Limited in the year 2008-2009.
The Subsidiary is a joint stock company incorporated in Italy with a paid up share capital of Euro 7.852 million, as of 31st December 2008 and is engaged in retailing of gold and diamond jewellery, watches, silver jewelry and accessories through a chain of retail stores in various parts of Italy.
The Subsidiary was taken over by Damas Jewellery LLC as a chain subsidiary of Damas International Limited in the last quarter of 2008. Damas Jewellery LLC is the beneficial holder of 65.82% of the share capital of the Subsidiary.
As per the Audited Balance Sheet of 31st December 2008, the carried forward loss for the years 2003 through 2007 is Euro 3.888 million and loss for 2008 was Euro 6.975 million. Damas Jewellery LLC has already made adequate provisions in its accounts for the Financial Year ended 31st March, 2009.
The shareholder has decided to go for voluntary wind up in order to prevent further losses.
- Ends -
For more information, please contact:
Brunswick
Tel: + 9714 365 8260
Alex Blake-Milton
Tel:+ 9714 365 8260
Jeehan Balfaqaih
Tel:+ 9714 365 8260
Assheton Spiegelberg
Tel:+ 9714 365 8260
© Press Release 2009
