Jeweller Damas International said on Monday that it has extended the payment date for 400 million dirhams ($108.9 million) owed by its founders, the Abdullah brothers, by a month.
The Dubai-based jeweller said in a statement to Nasdaq Dubai that the agreement that expired on March 31 was extended until April 30.
The statement said the Cascade agreement, that provides the legal framework for liquidation of the assets of the Abdullah Brothers Group, has yet to be finalised as all parties did not sign the agreement.
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