Titan to Acquire 67% Stake in Damas Jewellery to Expand GCC Presence

Titan Company Limited, through its wholly-owned subsidiary Titan Holdings International FZCO, has signed an agreement to acquire a 67% shareholding in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries. * The proposed transaction is based on an enterprise value of AED 1,038 million. * Titan Holdings will acquire 67% shareholding, with an option to acquire the remaining 33% from Mannai Corporation QPSC, Qatar, after 31st December 2029. * The acquisition is a cash consideration and is expected to be completed on or before 31st January 2026, subject to customary anti-trust and other regulatory approvals. * Damas LLC, founded in 1907 and headquartered in Dubai, UAE, is a premier jewellery retailer with a network of 146 stores across 6 GCC countries (UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain). * Its consolidated turnover for the last three years was: * FY 2024: AED 1,461 million * FY 2023: AED 1,332 million * FY 2022: AED 1,140 million * The acquisition is strategically significant for Titan's jewellery business, facilitating expansion across the 6 GCC countries and aiming to cater to a diverse clientele with differentiated, high-quality offerings. * C.K. Venkataraman, Managing Director of Titan, commented that this acquisition moves Titan's ambition for a global jewellery play to the next stage, expanding beyond its diaspora focus to other nationalities and ethnicities, enhancing its position in the GCC jewellery market, and bringing synergy benefits. * Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, expressed delight that Titan is investing in Damas's future, expecting the combination to drive Damas's growth trajectory in the GCC, and confirmed Mannai would deploy sale proceeds to strengthen its core businesses and reduce group debt.