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Wed 6 Aug 2008 04:35 PM

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Damas boss confirms possible LSE listing

Dubai-listed jewellery group may consider joining London Stock Exchange too, chief executive says.

Dubai-listed jewellery group Damas International Ltd may look into a second listing, possibly on the London Stock Exchange."We have not ruled out a dual listing, possibly in London, since the first day of our initial public offering," Damas chief executive Tawhid Abdullah said on Wednesday.

He did not say when the company would decide on seeking a second listing.

Family-controlled Damas listed on the Dubai International Financial Exchange (DIFX) last month after raising $271 million in an initial public offering.

Critics say the exchange has generated disappointing investor interest and that turnover remains thin.

"We don't think the turnover is low, and with an IPO you need to have a long-term view," Abdullah told Reuters.

Damas CFO P.K. Dutta earlier told Emirates Business newspaper that the group, the only retailer listed on the DIFX, would need eight to nine months to decide on a dual listing.

"If things don't go up then we'll have to consider other options," Dutta told the newspaper.

"We will watch and only at the appropriate time when we feel our interests will be better served somewhere else, will we look at a dual listing," he said.

Damas made a net profit of $56.9 million in 2007 and $19 million in the first quarter of this year. (Reuters)