EFG Hermes Sells a 19 Percent Stake in Damas International to Mannai Corporation for US$150 Million (MENA)

Source: Reuters  |  Author(s): Mirna Sleiman

The private equity arm of Egyptian investment bank EFG Hermes has sold a 19 percent stake in United Arab Emirates-based jeweler Damas International to Qatar-based trade and services conglomerate Mannai Corporation for US$150 million. EFG Hermes and Mannai had acquired Damas in a transaction worth US$445 million in May 2012, of which EFG Hermes contributed US$85 million, delisting the company from NASDAQ Dubai. Mannai will now hold a 100 percent stake in Damas.