Damas Chairman highlights company’s positive outlook at second Annual General Meeting

Following the conclusion of its second Annual General Meeting (AGM), which was held today in Dubai, Damas International Limited (Damas), the leading jewellery retailer in the Middle East, announced that the assembly approved a range of resolutions, including the company’s accounts for the previous financial year, reappointment of its Board of Directors and appointment of its auditors.

Addressing the assembly, Ibrahim Belselah, Chairman of the Board of Directors, Damas International Limited, said: “Today, Damas has a new Board of Directors and new senior management, and is working hard to prepare for our financial and operational restructuring – with the full support of our bank lenders.
“We have put in place rigorous controls and are ensuring full compliance with the highest standards of corporate governance,” Belselah said. “We have a clear vision for the long-term growth of Damas.”

During the company’s AGM, the assembly approved a total of 13 resolutions, including the reappointment of each individual member of the Board of Directors and the appointment of Deloitte, the international accounting and consulting firm, as the company’s auditors.

The assembly also approved two resolutions related to the functioning of the Board of Directors, which will ensure the smooth functioning of the Board and its full oversight of the business of Damas, in line with international best practice standards.

“Despite the challenges of the previous period, Damas remains the leading jewellery retailer in the Middle East,” Anan Fakhreddin, Chief Executive Officer, Damas International Limited, told the assembly. “The reputation of our brand remains unmatched. Our business model fundamental are intact, and our business outlook is positive.

“Before considering the impact of non-recurring expenses and impairments, we reported a net profit of nearly 10 million dirhams in the most recent financial year,” Fakhreddin added. “I am confident that the strength of our business fundamentals will allow us to continue to sustain our growth trajectory.”