Damas Announces Ongoing Negotiations With Third Party Creditors

Damas International Ltd (DAMAS) is in the “final stages of negotiations” with third party creditors to find a settlement for a 35 million-dirham liability, according to a statement on Nasdaq Dubai.

“This amount may be reduced by the proceeds of sale in due course of an asset which has been held as collateral by the creditor for some time,” said the statement.

To contact the reporter on this story: Maher Chmaytelli in Dubai at mchmaytelli@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

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