Damas transfers 20m shares to Amwal Al Khaleej

Damas International said Amwal Al Khaleej Commercial Investment Co. has received 20 million shares of the Dubai-based jewellery retailer as part of a settlement with its founder Abdullah Brothers and Damas Investments.

The shares were transferred on August 19 at a price of 16 cents a share and a value of $3.2 million, Damas said in a statement to Nasdaq Dubai on Wednesday. Amwal’s shareholding in the company increased to 13.26 per cent from 11.23 per cent after the transaction, it said.