Damas plans $272mn IPO

by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 14 April 2008

SHARES SALE: Damas is planning a $272 million IPO. (Getty Images)

Dubai jewellery group Damas plans to sell shares to the public before the end of the year and is talks on merging with or acquiring a regional jewellery chain, its managing director was quoted as saying on Monday.

Family-controlled Damas was in advanced talks with another company and should complete the merger or acquisition after an initial public offering to raise funds for expansion, Tawhid Abdullah said, according to UAE daily Emirates Business 24/7.

"The plan is that Damas will become a listed company by year-end, following an initial public offering (IPO) and the merger will happen after the public issue," Abdullah said.

Story continues below ↓

Damas could raise 1 billion dirhams ($272.3 million), the paper said, without citing anyone.

The firm plans to spend more than $750 million to double the number of stores it operates from 430 in the UAE and other countries - including Egypt, Turkey, Pakistan, Bangladesh, India and China - in the next three years, the paper said. (Reuters)

For news updates sign up for our newsletter

READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.

Name *

Remember me on this computer

Email *

(Your email address will not be published)

City

Country

Subject *

Comment *

Notify me of further comments