Damas Transfers 20 Million Shares to Amwal as Part of Abdullah Settlement

Damas International Ltd. said Amwal Al Khaleej Commercial Investment Co. received 20 million shares of the Dubai-based jewelry retailer as part of a settlement with its founder Abdullah Brothers and Damas Investments.

The shares were transferred on Aug. 19 at a price of 16 cents a share and a value of $3.2 million, Damas said in a statement to Nasdaq Dubai today. Amwal’s shareholding in the company increased to 13.26 percent from 11.23 percent after the transaction, it said.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

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