EFG-Hermes said to seek $150m stake sale in Dubai's Damas

Source says Egyptian investment bank has agreed sale of 19% stake in UAE-based jeweller

Egyptian investment bank EFG-Hermes has agreed to sell its 19 percent stake in United Arab Emirates jeweller Damas to Qatar's Mannai Corp for $150 million, a source familiar with the deal said on Wednesday.

Mannai and EFG-Hermes took control of the jeweller in April 2012, with Mannai holding 66 percent of Damas and the Egyptian company owning 19 percent.

Company spokesmen could not immediately be reached to comment.

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