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Damac founder relaunches partial offer to take Dubai developer private

Damac founder relaunches partial offer to take Dubai developer private

Hussain Sajwani’s Maple Invest Co says update to $595m offer made in June is expected within 14 days The founder of Dubai-based Damac Properties is relaunching a partial offer to take the firm private after the UAE’s securities regulator granted approval. According to a filing to Dubai Financial Market, Maple Invest Co Limited, the vehicle

Hussain Sajwani’s Maple Invest Co says update to $595m offer made in June is expected within 14 days

The founder of Dubai-based Damac Properties is relaunching a partial offer to take the firm private after the UAE’s securities regulator granted approval.

According to a filing to Dubai Financial Market, Maple Invest Co Limited, the vehicle backed by Hussain Sajwani, said that an update to the original $595 million offer made in June is expected within 14 days.

Sajwani postpones offer to buy remaining Damac shares

Billionaire businessman previously made an offer to take over the rest of the Dubai developer’s shares at a discount through his investment company Maple Invest Co Limited

The updated offer “will only address process points and not affect the material parameters of the offer, including the offer price which remains at AED1.30 ($0.35) per share,” Maple Invest said in the statement.

In June, Sajwani said efforts to take the real estate development firm private were being postponed after the Securities and Commodities Authority (SCA) launched a review of the transaction.

Sajwani, who owns a 72 percent stake in the developer, resigned as Damac’s chairman to avoid conflict of interest.

“The offer document dated 9 June 2021 remains valid and in full effect, subject to any changes as may be set out in the aforementioned updated offer document,” Maple added in the statement.

In June, S&P Global Ratings said the credit metrics of Damac are unlikely to be impacted by its possible delisting.

The agency said the proposed change in financial policy of the residential real estate developer is “credit neutral”.

Damac listed in Dubai’s main bourse in 2015 in an exchange for shares that were traded in London since 2013. The company raised about $375 million with its UK IPO.

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