Damas International, the Middle East's largest jeweller, has repaid Dh200 million (US$54.4) of loans and will pay off its remaining debt to lenders from operational revenues, the chief executive said yesterday.
The company last week completed a Dh3 billion debt restructuring with a group of banks that will see it repay loans of Dh1.1bn over three years and receive working capital of Dh1.9bn.
"Our financial position is safe and secure, we have the ability to repay the banks based on operational revenues, selling jewellery in our stores," said Anan Fakhreddin,the chief executive.
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