Stake acquisition talk sparks Damas share rise - FT.com

Qatar’s Mannai Corporation is mulling the acquisition of a majority stake in Damas, the troubled Dubai jewellery retailer, sending the shares in the listed UAE company up 14 per cent.
The Doha-based conglomerate, with interests in vehicle sales, information technology, telecommunications and engineering, said it had commitments with shareholders to acquire shares representing 58.8 per cent of Damas at 45 cents a share, provided that a firm deal was announced by the end of April.

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If realised, the deal would mark Mannai’s second acquisition in the United Arab Emirates. Last year, the company purchased a 35 per cent stake in Axiom Telecom after the Dubai-based phone retailer pulled a planned initial public offering.