EFG-Hermes sells Damas stake to Mannai for $150m

March 05, 2014 - 1:52:26 pm

CAIRO: Egyptian investment bank EFG-Hermes  has agreed to sell its 19 percent stake in United Arab Emirates jeweller Damas to Qatar's Mannai Corp for $150 million, a source familiar with the deal said on Wednesday.

Mannai and EFG-Hermes took control of the jeweller in April 2012, with Mannai holding 66 percent of Damas and the Egyptian company owning 19 percent.

Company spokesmen could not immediately be reached to comment. (Reuters)