leading Arab investment bank EFG-Hermes sold its 19 percent stake in Damas International Limited to Qatari Mannai Corporation for $ 150 million, Rapaport reports.
EFG-Hermes invested $ 65 million, received as a result of the transaction, in its directly managed fund, which provides an internal rate of return of 40%.
Now Qatari Mannai owns a 100% stake in Damas, one of the leading jewelry manufacturers and retailers specializing in luxury products. Damas owns more than 300 retail outlets in the Arab countries - the UAE, Bahrain, Qatar, Kuwait, Oman and Saudi Arabia.
After the transformation into a private company, the management of Damas implemented a restructuring program in accordance with the vision of new shareholders, and also restructured the debt.
The co-chairman of EFG-Hermes direct investment management and Damas board member Karim Moussa said that he was very pleased with the joint work with Mannai Corporation to restructure the jewelry company, which doubled its profits and increased its operating revenues by almost 10 times . Such impressive achievements in a short period also indicate the effectiveness of the company's management model adopted by EFG-Hermes.