Ahlibank Qatar and Mannai Corporation officials pose after signing the agreement relating to the latter’s 15% acquisition in Golden Investments Holding.
Mannai Corporation has acquired a direct 15% stake in its indirect subsidiary Golden Investments Holdings, a holding entity for Damas.
Through this stake in Golden Investments, incorporated in the Dubai International Financial Centre, Mannai has, increased its indirect shareholding in Damas from 66% to 81%, a Mannai spokesman said in a communiqué to the Qatar Exchange.
However, he did not disclose details regarding the amount involved in the transaction.
Mannai - which is also into oil and gas, automotive, travel, and logistics sectors - along with EFG Hermes had acquired controlling stake in Damas by offering $445mn in 2012.
Damas operates across six countries through fully-owned subsidiaries with more than 300 stores, most of which are located in the Gulf Cooperation Council region.
In a separate communiqué, Ahlibank Qatar said it acted as a mandated financier for Mannai’s successful bid for acquisition of direct 15% shareholding. The agreement was signed by Salah Murad, CEO of Ahlibank Qatar; Mahmoud Malkawi, senior deputy CEO (corporate banking) of Ahlibank and Alekh Grewal, Group CEO and director of Mannai Corporation.
“This transaction with Mannai is another step towards a long-term partnership between us. It bears testament to Mannai’s confidence in Ahlibank’s capabilities to deliver financing solutions,” Murad said.
Ahlibank was the preferred bank for this transaction, having already worked with them in financing Mannai’s original acquisition of a stake in Damas, Grewal pointed out.