Damas shares to be delisted

The shares of regional jewellery major Damas International Ltd (DIL) will be delisted from Nasdaq Dubai on June 12, as part of the company’s takeover by BidCo, a consortium composed of Qatar’s Mannai Corporation and investment funds managed by EFG Hermes, an Egypt-based investment bank.

“As holder of more than 75 per cent of the voting rights attaching to the issued share capital of DIL, BidCo has approved the delisting of DIL,” the company said in a statement posted on the Nasdaq Dubai website.

The bidders yesterday received acceptance of their offer of $0.45 per Damas share from holders of 879 million DIL Shares, or 88.86 per cent of the company’s issued share capital, according to the statement.

“The bid will remain open for acceptance until 2pm (Dubai time) on May 24, 2012,” the statement said.

It added that Damas has received a waiver for shortening the notice period and BodCo has been permitted to approve the delisting without the requirement to hold a general meeting.

“Further to this waiver, BidCo hereby gives notice that the cancellation of the listing of the DIL Shares on the Official List of Securities of Nasdaq Dubai and the cancellation of the trading of the DIL Shares on Nasdaq Dubai will take effect from June 12, 2012,” the notice said.

The Dubai Financial Services Authority (DFSA), which runs the Nasdaq Dubai bourse, added that it will be suspending trade in Damas shares with effect from June 5, 2012.

Follow Emirates 24|7 on Google News.