Damas Acquires 100% of the shares in Damas Kuwait
Announced Damas International Limited (Damas), a leading company in the field of watches and jewelry in the Middle East today (Thursday, May 26, 2011) that its subsidiary Damas Jewellery LLC has signed a memorandum of understanding obtained whereby 10% of the quotas in the Damas in Kuwait to reach this rate of to 100% of Kuwait Damas, Damas and become the operations in Kuwait, which includes 23 exhibition fully subject to Damas.
And Annan said Fakhruddin, CEO of Damas International Limited commented: "This acquisition is part of our continuing to strengthen our control in key markets, the Kuwaiti market is a key market for the Damas is a lot of potential for our business, and we believe that full ownership is the best to achieve results we wish. "
He added: "This acquisition will allow to Damas to provide a wider range of products in the Kuwaiti market, and this in turn will enhance our brand. It also reflects our ongoing commitment to focus on our core after the completion of financial restructuring and its entry into force.."
And the announcement comes just weeks after the Declaration of Damas International Limited that its subsidiary Damas Jewellery has acquired 49% of the capital operations in the Kingdom of Saudi Arabia to up stake in Damas Damas Saudi Arabia to 98%.
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