Titan share price gains on proposed acquisition in the Gulf countries
Titan on Monday after the market hours announced that it proposes an acquisition in the Gulf countries. Titan has proposed the acquisition of a 67% shareholding in the Damas jewellery business by the company through its Wholly Owned Subsidiary.
Titan Holdings International FZCO., ("Titan Holdings"), a wholly owned subsidiary of the Company, has signed a Definitive Agreement with Damas International Limited, UAE, a wholly owned subsidiary of Mannai Corporation QPSC, Qatar ("Mannai"), to purchase a 67% stake in Damas LLC (UAE), the current holding company for Damas jewelry business in GCC countries.
The proposed transaction involves acquiring 67% of the target firm at an enterprise value of AED 1,038 million. The net consideration is subject to typical debt, cash, and other adjustments.
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