Retail sector news mainly focusing shopping centres, retail developments and businesses in the MENA region
Forced stock sale planned at Damas
May 26, 2012
Qatarĺs Mannai Corp and investment bank EFG-Hermes plan to force remaining minority shareholders of Damas International to sell their stock as the entities buying the troubled UAE jeweller prepare to delist it, The National has reported. The move would force through the acquisition of the remaining shares at their offer of $0.45, valuing the company at about $445m (Dhs1.63bn). Those holding out have until June 7 to accept the bid.