For an enterprise value of Dh1.038 billion, India’s Titan Company said on Monday that it will buy the bulk of UAE’s Damas LLC, the existing holding company for the Damas jewelry business in GCC nations, from Mannai Corporation. Titan Holdings will own 67% of the voting rights and equity share capital of Damas.
The transaction is expected to be finished by January 31, 2026. In a statement to the National Stock Exchange, where it is listed, it stated that it will have the ability to purchase the remaining 33% interest after December 31, 2029.
The purchase will help the producer of fashion accessories grow throughout the six GCC nations. Damas was established in Dubai in 1907 and now operates 146 locations around the GCC.
We are taking our goal of becoming a global jewelry play to the next level after successfully launching Tanishq in the USA and the GCC. Titan Company is expanding its emphasis beyond the diaspora to include additional countries and ethnicities with the Damas purchase, according to Titan’s managing director, CK Venkataraman.
According to Venkataraman, “the acquisition not only opens up a huge new global opportunity for Titan, but it also strengthens Titan’s overall position in the GCC jewelry market and brings in multiple synergy benefits in talent, retail networks, and supply chain.
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