- DUBAI: Jeweler Damas International, which recently reached an agreement with its lenders to restructure $872 million in debt, has acquired a controlling stake in its Saudi Arabian joint venture, Damas Saudi Arabia Company Ltd.
Damas acquired 49 percent of the share capital of its existing joint venture in Saudi Arabia, taking its stake to 98 percent with full control of the company, the firm said in a statement.
The statement did not disclose the value of the acquisition.
“The Saudi market is a core market for Damas and this acquisition will help provide a platform for us to service this key market more fully,” Anan Fakhreddin, Damas International’s chief executive, said in the statement.
The jeweler has been stung by controversy ever since allegations of financial fraud by the company’s founders.
Damas is primarily involved in the business of trading in gold and gold jewelry, diamond jewelry, pearls, watches, silver and precious stones on a wholesale and retail basis.