Damas, the region’s largest retailer of gold and jewellery, says it must secure a debt standstill and restructuring to remain in business.
The Dubai-based company will also seek to recoup almost Dh300 million (US$81.6m) from an investment unit of the Dubai Government-owned conglomerate Dubai Holding. After investing Dh294 million into the unit, Damas later discovered that its investment consisted entirely of Damas shares, which by then had a value of less than Dh75 million.
“Additional funding is required to ensure that the company can continue its operations and meet its financial obligations as they fall due,” Damas said in its results statement yesterday.
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