Damas Jewellery acquires full ownership of"Damas Kuwait
"
Announced Damas Limited, listed on the Nasdaq Dubai, the UAE's Damas Jewellery, its subsidiary specialized in the trade of jewelry, has signed a memorandum of agreement to acquire 10% of the Damas Kuwait and become its owner in full (100%), to include that 23 new stores to Stores.
Damas did not disclose the value of the transaction, and settled for Annan Fakhruddin, CEO of Damas Limited by pointing out that the company attaches importance to the Kuwaiti market, and that the company is committed to focusing on its core operations after the completion of financial restructuring.
The announcement came just weeks after the company announced its acquisition of 49% stake of its joint in the Kingdom of Saudi Arabia to become the royal Damas Jewellery for 98% of the Damas Saudi Arabia.
No comments:
Post a Comment