Daman Investments, the Dubai-based investment management company, sold a 22.7 percent stake through a private placement which values the firm at 440 million dirhams ($119.8 million) and said it eventually plans to offer shares to the public.
Daman, which is active in asset management, raised 100 million dirhams from the sale, by offering 588,235 new shares at 170 dirhams each, the company said in a statement Sunday. No details were given on who bought into the offering.
The sale was part of the firm's strategy to broaden its shareholder base before an eventual initial public offering in the United Arab Emirates.
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