Tuesday 26 April 2011

Damas jewelry buys controlling stake in Saudi venture - Arab News

Jeweler Damas International, which recently reached an agreement with its lenders to restructure $872 million in debt, has acquired a controlling stake in its Saudi Arabian joint venture, Damas Saudi Arabia Company Ltd.

Damas acquired 49 percent of the share capital of its existing joint venture in Saudi Arabia, taking its stake to 98 percent with full control of the company, the firm said in a statement.

The statement did not disclose the value of the acquisition.

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