Damas loss-making subsidiary wound up

WINDING UP: Damas International has announced that it has wound up its subsidary in Italy. (Getty Images)

Damas International on Tuesday announced that it had decided to wind up activities at its loss making Italian-based subsidiary, the DIT Group.

The UAE jewellery giant said a liquidator had been appointed and a voluntary winding up petition would be filed with courts in Milan.

The move follows a meeting of DIT Group's (formerly Stefan Hafner) shareholders on September 28, Damas said in a statement posted on the Nasdaq Dubai website.

The statement said the subsidiary accounted for less than two percent of the total revenues of Damas International Limited in the year 2008-2009.

The subsidiary, which designed, manufactured and distributed luxury jewellery, was taken over by Damas Jewellery as a chain subsidiary of Damas International Limited in 2004.

Damas Jewellery held more than 87 percent of the share capital of the subsidiary, the statement added.

Damas said it has already made adequate provisions in its accounts for the financial year while a trust has been formed to protect the assets of the subsidiary.

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