Mannai Corporation of Qatar is weighing a cash offer for the Dubai jeweller Damas that would value the troubled retailer at nearly US$450 million (Dh1.65 billion).
Mannai, a retailer that sells cars, home appliances and other goods, said it had secured commitments from shareholders representing more than 58 per cent of Damas, at a price of not less than 45 cents per share.
The announcement follows a move last week by Damas's founding Abdullah brothers who hired a financial adviser to sell some of their stake in the company.
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