Titan to acquire 67% stake in Dubai's Damas

Titan Company, through its wholly owned subsidiary Titan Holdings International, has signed an agreement to acquire a 67 per cent stake in Dubai-based Damas LLC from Mannai Corporation in an all-cash deal, it has said in a stock exchange filing.

- SHARLEEN D'SOUZA

The Dubai firm's enterprise value has been assessed at 1,038 million Arab dirhams (₹2,439 crore).

Damas LLC is the holding company for the Damas jewellery business in countries of the Gulf Cooperation Council (GCC).

The current Graff Monobrand franchise business of Damas LLC will be discontinued before the completion of the proposed transaction.

After restructuring, Signature Jewellery Holding will become the holding company for Damas, and all the entities under Damas LLC (United Arab Emirates) will become step-down subsidiaries of Signature Jewellery Holding, it said in its exchange filing.

The proposed transaction is expected to be completed by January 31 and it will be subject to customary closing adjustments and approvals from anti-trust and other regulatory authorities in certain jurisdictions. It is expected to be financed through debt, cash balances, and internal accruals.