Sanjay Kalsi has been appointeded to the position of Interim Acting Chief Executive Officer, from his previous position as Chief Financial Officer with Damas International Limited. Sanjay Kalsi has extensive experience in banking and management consultancy and has already established a positive and cooperative relationship with the management team and the creditor banks.
Dinish Dhanak has been appointeded to the position of Interim Acting Chief Financial Officer from his previous position as Deputy Chief Financial Officer with the Company, as announced on 16 December 2009. Dinish Dhanak has in excessive of 25 years experience in the jewellery industry.
Mr. Namir El Aridi is appointed to the position of General Counsel and Company Secretary. Namir El Aridi was previously General Counsel for the Company and has ten years prior experience with large international corporations in the region, with responsibility for corporate governance.
Mr. Sanjay Manchanda is appointed to the position of Chief Restructuring Advisor. Sanjay Manchanda is a Partner at PricewaterhouseCoopers and is advising Damas on its restructuring process.
Mr. Tawfique Abdullah, Chairman of Damas Limited,says: “We welcome these gentlemen, and the expertise they bring, to the senior management team of Damas. I am pleased to report that the Company continues to trade well and is generating cash from its operations.”
In making these appointments, the Board expressed their thanks to Mr. Hisham Ashour for his contribution to Damas over the past few months. Hisham Ashour (of Arabia Capital) came to the Company under an interim contract to work with Damas through a transition period. He has now left the Company to pursue other interests.
The Board’s Nominations Committee is currently reviewing candidates for a permanent CEO.
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