DIFX Welcomes Listing Of Damas
The Dubai International Financial Exchange (DIFX) has announced the listing of the ordinary
shares of Damas International Ltd., the international jewellery retailer, following
its initial public offering (IPO).
Damas raised USD270.6mn from institutional investors at a price of one dollar
per share. The company has more than 430 stores across the Middle East, North
Africa and South Asia and is the leading jewellery retailer by number of stores
in the Gulf Cooperation Council (GCC) region. Jeff Singer, Chief Executive of the DIFX, commented: “This is a historic day for Damas, which has been in business successfully
for more than 100 years. We are delighted that institutional investors have
responded so positively to the Damas offer. Now that Damas shares are listed
on the DIFX, we look forward to welcoming the participation of retail investors. "Damas has built an impressive network of stores in 16 countries. The
company has exciting growth plans which include opening 131 new stores this
year and a further 109 in 2009, which makes it well-placed to take advantage
of the positive economic conditions in the Middle East and India. The DIFX is
an ideal platform for growth-oriented companies.” The stock became available to trade on 8th July, with the symbol DAMAS. Credit
Suisse Securities (Europe) Ltd and HSBC Bank plc acted as joint global coordinators
and joint bookrunners on the transaction. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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