Diamond News: A share pledge of 350 million shares, which forms part of the Settlement Agreement between the Abdullah family and Damas International Limited in respect of the repayment of transactions that led to the resignation of Tawhid Abdullah as the company’s CEO, has been completed through registration on NASDAQ Dubai.
As part of the Settlement Agreement, the Abdullah brothers pledged 350 million of their shares in the company that would be transferred in whole or in part back to Damas in the event of the terms of the Settlement Agreement are breached.
In November 2009 the three Abdullah brothers gave a formal commitment to repay US$165 million to the company over the coming 18 months.
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- Damas International Says Facility Agreement Reached
- Damas International Limited – Notification of majority shareholders’ appointment of financial advisor
- Damas International Limited signs settlement agreements
- Damas Subsidiary in Voluntary Winding Up
