Qatar’s Mannai, Egyptian Bank EFG Hermes Reach US$445 Million Deal to Buy Mideast Jeweler Damas (MENA)

Source: Associated Press

Qatari conglomerate Mannai Corporation and Egyptian investment bank EFG Hermes have agreed to purchase Damas International, a Middle Eastern jewelry and watch retailer, with a bid of 45 cents per share. Under the terms of the transaction, Mannai will hold a controlling stake of 66 percent in Damas for approximately US$293 million, while EFG Hermes will hold a 19 percent stake for US$84.5 million. The deal values Damas’s share capital at roughly US$445 million.