HSBC has acted as a lead financier for Mannai Corporation QSC on its bid to acquire the region’s leading jewellery chains, Damas International. The bid was formally approved by Mannai shareholders at a recent extra-ordinary shareholders meeting.
This is the third deal over the past 12 months in which HSBC has played a major role in supporting Mannai transactions. In 2011 HSBC acted as lead manager for Mannai on its successful QAR399m rights issue. HSBC was also buy-side adviser and lead arranger for the financing of Mannai’s acquisition of 35% interest in Axiom Telecom.
Abdul Hakeem Mostafawi, chief executive officer (CEO), HSBC Bank Middle East, Qatar, said: “HSBC and Mannai have had a longstanding relationship of over 50 years. This transaction is another example of our unique ability to serve key customers with international and cross-border banking needs. Our international proposition is designed to meet the needs of our commercial customers in their growth aspirations and to deliver products well suited to their requirements.”
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