EFG-Hermes Sells Damas Stake To Mannai For $150m – Source

Mannai and EFG-Hermes took control of the jeweller in April 2012, with Mannai holding 66 per cent of Damas.



Egyptian investment bank EFG-Hermes has agreed to sell its 19 per cent stake in United Arab Emirates jeweller Damas to Qatar’s Mannai Corp for $150 million, a source familiar with the deal said on Wednesday.

Mannai and EFG-Hermes took control of the jeweller in April 2012, with Mannai holding 66 per cent of Damas and the Egyptian company owning 19 per cent.

Company spokesmen could not immediately be reached to comment.

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