CAIRO: Egyptian investment bank EFG Hermes and Qatar's Mannai Corp have taken full control of Dubai's Damas for jewelry, in a takeover deal that cost $445 million, according to a statement on the Nasdaq Dubai bourse on Thursday. Consortium offer was accepted by more than 75 percent of the jeweler's shareholders, and as a result the bidders new stake in Damas group will reach 87.37 percent of Damas's share capital for their $0.45 per share offer. “This effectively means the consortium has now acquired control,” the statement said. The new members of board include Alekh Grewal, Mannai Corp's chief executive, and Karim Moussa, a managing director in private equity at EFG Hermes. Damas shares have nearly doubled in value this year to $0.435, surging after its major shareholders the Abdullah brothers – Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah – in early January said they were looking to sell some of their holdings. Mannai's stake in Damas would hold a 66-percent the majority owner, and will delist the jeweler from Nasdaq Dubai. EFG Hermes stake will be 19 percent, with the remaining 15 percent retained by the Abdullah brothers. The brothers have been sidelined from the jeweler they helped found, and which has been forced to restructure $872 million in debt.
