Dubai: Tawhid and Tawfique Abdullah, the founding members of Damas International, have said they may sell some of the shares they own in the company.
The Abdullah brothers have hired a financial adviser ahead of the decision. According to a statement posted on Nasdaq, the brothers have informed the company that they intend to sell the shares at a price of not less than $0.45 per share.
Last year, Damas International completed a restructuring of about $872 million of debt with the three Abdullah brothers.
In August, Damas declared net profits of Dh53.3 million for the financial year ended March 2011 which aided the restructuring effort.
"The management focus of the past financial year has been on stabilising the business, and a lot of progressive reforms were implemented to this effect. These initiatives have enabled the company to consolidate its market share and achieve Dh2.95 billion in sales in this period," said Anan Fakhreddin, chief executive officer of Damas in a previous interview.
In March 2010, Dubai's Financial Services Authority fined Damas and the Abdullah brothers a total of $3.72 million and ordered them to repay $99.4 million plus the value of approximately 1.9 million grams of gold after it was revealed that they had withdrawn Damas funds for their personal use without disclosing it to the board.
They were banned from the Damas board and any other company in the DIFC for up to 10 years.
