Damas, the jewellery retailer that is restructuring $872m of debt, acquired a controlling stake in its joint venture operation, Damas Kuwait.
The largest gold retailer in the Middle East will take 100 percent ownership of its Kuwait operations, which includes 23 stores in the Gulf state, the company said in an emailed statement Thursday.
The announcement comes just weeks after Dubai-based Damas announced it had increased its stake in its Saudi joint venture to 98 percent, for an undisclosed sum.
“This acquisition is part of our ongoing strategy to strengthen our control in key markets,” Anan Fakhreddin, CEO of Damas International, said in an emailed statement.
