Wednesday, Mar 28, 2012
DUBAI (Zawya Dow Jones)--Qatari conglomerate Mannai Corporation and investment funds managed by Cairo-based investment bank EFG Hermes Wednesday said they reached an agreement on the terms of a cash bid for Dubai-based Damas, a regional jewellery company.
The bid price of $0.45 in cash per Damas share values the company at about $445 million, Mannai and EFG said in a joint statement. On completion of the bid, Mannai is to indirectly own 66% of Damas and EFG is to hold 16% of the company through investment funds, the statement said.
The remaining 15% of the company would be owned indirectly by Tawfique Abdullah, Tawhid Abdulla and Tamjid Abdullah, the brothers who currently own a majority stake in Damas.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
28-03-12 0622GMT
