Damas announces to go public

Damas has plans to go public, issue an initial public offering (IPO) and expand its retail network worldwide. The company will make its shares available for sale on a domestic stock exchange before end-2008 and go public. It has also proposed expanding its global retail chain across United Arab Emirates, Egypt, Turkey, North Africa, Pakistan, Bangladesh, India and China, within the next three years, to 850 stores. The investment is estimated at around $750 million. Damas also announced a possible merger with another regional jewellery chain after the public issue. According to Emirates Business 24/7, Damas can expect to raise upto Dh1 billion ($272.2 million) through its IPO.