Complex Made Simple

Mannai Corp shares fail to benefit from Damas move

The QE 20 Index gained by 0.30 per cent to reach 11,642.04 points on Sunday, March 9. The exchange’s bellwether Industries Qatar advanced 0.56 per cent to arrive at QAR196. Mannai Corporation closed flat at QAR101.90. Earlier in the day, it revealed that it has acquired a further 22.35 per cent shareholding in its subsidiary Zahabi Limited, a holding company of Damas incorporated in the Cayman Islands, and has, accordingly, increased its indirect shareholding in Dubai-based jewellery producer Damas, from 81 per cent to 100 per cent. The moves come after Egyptian investment bank EFG Hermes revealed last week that it sold its 19 per cent stake in Damas to Mannai.

Gérard Al-Fil