Titan Company (Titan) through its wholly owned subsidiary Titan Holdings International FZCO (Titan Holdings) has entered into an Agreement for the Sale and Purchase of Shares, to acquire 67% stake in Damas LLC (UAE), current holding company for Damas jewellery business in GCC countries (Damas Business) from Mannai Corporation (Mannai) (Proposed Transaction).
The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion of the Proposed Transaction.
The consideration for the Proposed Transaction is arrived on the basis of the enterprise value of AED 1,038 million.
On completion of the acquisition. Titan Holdings would hold 67% of the equity share capital and voting rights in Damas LLC and a path to acquire the balance 33% stake from Mannai after 31st December 2029, subject to conditions agreed upon in the definitive document.
The Proposed Transaction is strategically significant for Titan's jewellery business as it will facilitate the expansion across the 6 GCC countries of UAE, Saudi Arabia, Qatar, Oman. Kuwaij and Bahrain.