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UAE Damas repayment to be completed within 3 years-CEO

Damas said in May it had signed a repayment agreement with its founding Abdullah brothers and creditors that cleared the way for selling certain assets of the founders.

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October 4, 2011 2:38 by



Dubai-based jeweller Damas International aims to sell some assets of its founders within three years as part of a 600 million dirham ($163.4 million) repayment agreement, the company’s CEO said on Monday.

Damas said in May it had signed a repayment agreement with its founding Abdullah brothers and creditors that cleared the way for selling certain assets of the founders.

“We’re hoping that (the assets can be sold) within three years,” Damas CEO Anan Fakhreddin told Reuters on the sidelines of a news conference.

The jeweller will not try to hasten the asset sales, Fakhreddin said, in order to make the most of them.

“The whole idea behind the …(agreement) is to allow enough time for these assets to be sold at premium market value and not to have a fire sale at the end of the day,” he said.

Damas said earlier this year that it reached a final agreement with all its lenders and completed the restructuring of its $872 million debt.

An inquiry last year showed that the Abdullah brothers owed the company a total of 614 million dirhams, which included 256 million dirhams worth of gold that the three brothers had withdrawn from the company.

Damas trades gold and gold jewellery, diamond jewellery, pearls, watches, silver and precious stones on a wholesale and retail basis.
(Reporting By Nour Merza; Editing by Firouz Sedarat)



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