Bloomberg News

Damas Signs Accord to Recover 337 Million Dirhams in Payments

September 28, 2011

Sept. 28 (Bloomberg) -- Damas International Ltd., a Dubai- based jewelry maker and retailer, said it signed several agreements to recover more than 337 million dirhams in outstanding payments.

“We have created a taskforce to focus on financial recoveries for the company,” Chief Executive Officer Anan Fakhreddin said in a statement to Nasdaq Dubai today. “This is a positive step in our ongoing restructuring and we are ensuring that we allocate sufficient resources to recover outstanding dues owed to us.”

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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