Ashurst has advised leading Middle East jewellery manufacturer and jewellery and watch retailer Damas International Limited (Damas) on the US$445m proposed recommended cash bid by Mannai Corporation and EFG Hermes for the entire issued and to be issued share capital of Damas.
Mannai Corporation and EFG Hermes propose to acquire the shares for USD0.45 per share and on completion will hold indirect interests of 66% and 19% respectively. Current majority shareholders, Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah, will reinvest to hold an indirect 15% interest in the business. On successful completion, Mannai Corporation and EFG Hermes intend to delist and cancel trading in Damas’s shares.
This is an important M&A transaction for the Middle East region as it is one of the largest public M&A deals to date and has been carried out following Damas’s AED 3bn debt restructuring, on which Ashurst also advised Damas.
Commenting on the deal, Ashurst partner Alastair Holland said:
“We are delighted to be advising Damas again on what is an important and innovative M&A transaction in the region and a particular highlight in the DIFC. Ashurst’s Middle East corporate and finance teams have advised Damas on all aspects of this complex transaction which has involved multiple stakeholders and interests.”
The Ashurst team is being led by head of corporate, partner Alastair Holland, supported by senior associate Chris Young. Partner Martyn Rogers and senior associate Aaron Lee are providing advice on finance aspects.
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