Wednesday, 20th October 2004 (2531 views)

Arabic jewellery firm Damas has secured a syndicated loan facility from nine participating banks.

The loan of $54.45 million was provided by financial groups such as BNP Paribas, Gulf International Bank, ABN Amro Bank and Lloyds TSB.

However, BNP Paribas was the only firm to arrange the loan and lead it, according to AME Info.

It is hoped the loan can be used for general corporate purchases, such as restructuring and improving the borrowing profile of Damas, as well as for ongoing expansion into the retail jewellery sector.

Damas is the largest business house in the gold and diamond market in the region.

 

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