Damas seeks approval for shares buyback scheme

SHARES PLAN: Damas is seeking approval to buy back some of its shares on Nasdaq Dubai. (Getty Images)

Jewellery and luxury watch retailer Damas is to ask its shareholders to approve a buyback of shares in a bid to boost its price.

The company, which has opened nine new stores in The Dubai Mall, is holding an extraordinary general meeting on Feb. 8 when shareholders will be urged to back the scheme.

Damas, which is listed on the Nasdaq Dubai bourse, launched at initial public offering in July at which point offer price was set at $1 per share.

At the close of business on Monday, Damas shares were trading for 70 cents a share.

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