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Thursday, Dec 17, 2009 0605 GMT [ Dow Jones]--Al Mal Capital suspends target price and rating on jewelry firm Damas International Damas Interna (more)
Thursday, Dec 17, 2009 0605 GMT [ Dow Jones]--Al Mal Capital suspends target price and rating on jewelry firm Damas International Damas International until the company undergoes restructuring and redefines strategy. Says concerns compounded by the fact that retailer is operating cash flow negative. Notes lack of clarity regarding the company's financial position, a working capital mismatch, drying up liquidity, limited bank finance facilities and potential losses resulting from disposal of inventory at reduced prices to repay institutions has led to company requiring financial reengineering. Damas posted Wednesday 6 mos loss of AED714.8mn on the back of impairments and provisions totaling AED715mn. Shares closed trading Wednesday on Nasdaq Dubai 36% lower at $0.16. (BDA) Copyright (c) 2009 Dow Jones & Co. try{document.write(_banner_zone('zone9337')) }catch(e){} (END) Dow Jones Newswires 17-12-09 0605GMT
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