Damas International Ltd. surged to the highest in more than two years after Qatar’s Mannai Corp. said it is considering a cash bid for the Dubai jewelry retailer.
The shares soared 14 percent to 40 cents at the 2 p.m. close in Dubai, the highest since October 2009. They have more than doubled in the past month.
Mannai, a retailer of consumer goods and automobiles, secured commitments on 58.79 percent of Damas shares, the company said yesterday. The Abdullah brothers, the founders of Damas, and other shareholders agreed “to accept that offer at a price of $0.45 per Damas share, provided that an announcement of a firm intention to make the offer is made on or prior to April 30,” yesterday’s statement said.
Mannai shares were unchanged in Doha today.