Damas plans $272mn IPO

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.

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)

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