New Delhi, July 21 (IANS) Titan Company on Monday announced to acquire 67 per cent stake in Dubai-based luxury jewellery retailer Damas for the enterprise value of AED 1,038 million (over $283 million), as it eyes to expand its presence in the Gulf Cooperation Council (GCC) countries — the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.

The Indian company, through its wholly-owned subsidiary Titan Holdings International, entered into an agreement for the sale and purchase of shares to acquire 67 per cent stake in Damas LLC (UAE), current holding company for Damas jewellery business in GCC countries from Mannai Corporation, according to its stock exchange filing.

“The consideration for the Proposed Transaction is arrived on the basis of the enterprise value of AED 1,038 million. On completion of the acquisition. Titan Holdings would hold 67 per cent of the equity share capital and voting rights in Damas LLC and a path to acquire the balance 33 per cent stake from Mannai after 31st December 2029, subject to conditions agreed upon in the definitive document,” the filing read.

The completion of the proposed transaction would be subject to required approvals.

The GCC region is exhibiting robust economic growth, creating a demand for differentiated, high quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs.

Founded in 1907 and headquartered in Dubai, Damas Jewellery stands as Middle East’s premier jewellery retailer, with a network presence of 146 stores across the 6 GCC countries.

“After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan Company is stepping out

from its diaspora focus into other nationalities and ethnicities,” said C.K. Venkataraman, Managing Director of Titan.

Damas became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region.

“So, we are delighted that Titan is taking the opportunity to invest in the future of Damas. Both Titan and Damas share the same values in terms of passion for beautiful jewellery, innovative design and dedicated customer service,” said Alekh Grewal, Group Chief Executive Officer of Mannai Corporation.

–IANS

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