The jewellery retailer Damas says its majority shareholders, the Abdullah brothers, intend to sell some of their stake in the company amid efforts by the Dubai-based group to recover from one of the emirate’s biggest corporate scandals.
In a regulatory filing to Nasdaq Dubai, the company said it had received a letter from the brothers – Tawfique, Tawhid and Tamjid – announcing their appointment of an unnamed financial adviser to seek the potential sale for “no less” than 45 cents a share.
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