Damba sells Corporate Interiors

By Phil Boeyen, ShareChat Business News Editor

Monday 2nd April 2001

Furniture maker Damba (NZSE: DMB) is planning to sell its Corporate Interiors business in Australia and New Zealand to one of its executives.

The company says it has signed a head of agreement to sell its CI Group operations to the current managing director of the group, Stephen Bryant.

Damba says the consideration will be the cancellation of six million Damba Holdings shares held by interests associated with Mr Bryant, as well as cancellation of other contractual arrangements between Mr Bryant and Damba.

The company says it will retain its furniture operations in New Zealand and Australia, as well as the new investment focus of Damba Holdings.

Damba Holdings, which recently took a stake in online beauty products retailer Beauty Direct (NZSE: BDO), is planning to change its name to Cube Capital to reflect its new direction as a diversified investment company.

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