Damas to expand into Morocco, Tunisia

EXPANSION PLANS: Damas International is to open stores in Morocco and Tunisia before the end of the year. (ITP Images)

Damas International, the UAE-based jeweler that Tuesday became the first retailer to list on the Dubai International Financial Exchange (DIFX), is to open stores in Morocco and Tunisia before the end of the year.

“We will launch small operations into Morocco and Tunisia before the end of the year, two or three stores, supported by a small manufacturing unit,” CEO Tawhid Abdullah told Arabian Business in an interview.

“They are big consumer markets, and they are receptive to us coming to their markets,” he continued, adding that Damas would also open more stores in Egypt before the end of 2008.

Damas said it raised $270.6 million from an initial share sale to raise money for expansion, which at $1 share, valued the company at $968.6 million. On June 18 the company forecast a share price range of $1 to $1.14 each.

Excluding shares reserved for sale managers Credit Suisse and HSBC – which may buy a further 40.6 million shares at the offer price within the next 30 days - 86.4 percent of the offering is new stock and 13.6 percent is being sold by Amwal al-Khaleej Commercial Investment Co. The company's founding Abdullah family is not selling any of its holdings.

Founded in 1907, Damas has 438 stores in the Middle East, South Asia, Europe and North Africa and had first quarter sales of $305 million. It sells its own gold and diamond jewelry, as well as products made by companies including Tiffany & Co. and Links of London.

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