A consortium led by Qatar’s Mannai Corporation has agreed to make an offer to acquire Damas, valuing the Dubai-based jewellery retailer at $445m and aiming to build a controlling stake and take the company private.
The bid, which has been approved by the board but needs shareholder approval next month, looks set to bring a close to a turbulent two-and-a-half years for Damas, which began when the retailer revealed that its main shareholders had been misusing company funds.
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