The move will bring 23 stores in Kuwait under its full control; represents Damas' second acquisition within matter of weeks

Dubai, UAE: May 26, 2011: Damas International Limited (Damas), the leading jewellery and watch retailer in the Middle East, has today (Thursday, May 26, 2011) announced that its subsidiary, Damas Jewellery LLC, has signed a Memorandum of Understanding (MoU) to acquire the remaining 10 per cent share capital of its existing joint venture operation in Damas Kuwait. The move increases Damas' stake in Damas Kuwait to 100 per cent, bringing the Kuwait operation, which includes 23 stores across the country, within the full control of Damas.

"This acquisition is part of our ongoing strategy to strengthen our control in key markets," said Anan Fakhreddin, Chief Executive Officer, Damas International Limited. "The Kuwaiti market is a core market for Damas as it offers a lot of potential for our business, and we believe that full ownership is the best retail formula to maximize our results," he added.

"This acquisition will enable Damas to offer a broader range of products in the Kuwait market, which in turn will strengthen our brand. This reflects our ongoing commitment to focus fully on our core operations after the close of our financial restructuring and it becoming effective," Fakhreddin added.

The announcement comes only weeks after Damas International Limited announced that its subsidiary, Damas Jewellery LLC, had acquired 49 per cent of the share capital of its existing joint venture operation in the Kingdom of Saudi Arabia - increasing Damas' stake in Damas KSA to 98 per cent.  

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About Damas:
The journey of Damas began in 1907. It has grown from a UAE based company into a global fashion and jewellery network spanning the Middle East, South Asia, Europe and North Africa. The Damas Group has over 320 stores in 12 countries around the world as of April 2011.Damas houses internationally acclaimed jewellery and watch brands such as Tiffany & Co., Mikimoto, Carrera y Carrera, Paspaley, Pasquale Bruni, Roberto Coin, Fope, Chronoswiss, Parmigiani, Perrelet, Quinting, Montega, Frederique Constant, among many others. Damas International Limited is listed on Dubai Nasdaq (former Dubai International Financial Exchange) and its shares are traded under the ticker 'DAMAS'.

For more information please contact:
Damas PR Department
Tel: +971-44459200
Email: carissac@damasjewellery.com
  
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© Press Release 2011