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RIYAD: Maple Invest, owned by businessman Hussein Sajwani, bought a 15.6% stake in Damac Properties through the Dubai financial market.
This is part of a plan by which the Emirati businessman aims to acquire up to 100 percent of the shares of the company he founded in 2002 and take it off the Dubai market, has Asharq reported on Sunday.
According to Damac Properties’ disclosure at the Dubai market on Sunday, Maple executed around 944 million shares, representing 15.6% of the issued capital of the real estate company, at a price of 1.4 dirhams per share.
Maple made a conditional offer to purchase the remainder of the shares of the company – which is neither owned by Maple nor its subsidiaries – on June 9. The offer included a price of 1.3 dirhams per share. Damac’s shareholders rejected the offer and asked its board of directors to appoint advisers to assess the fairness of the value of the offer.
At the end of October, Maple announced its intention to buy 800 million shares of Damac Properties through the Dubai financial market, provided that the purchase process is not part of Maple’s offer to acquire all of the shares. actions of Damac.
The data released today is the implementation of more than the target amount, bringing Sajwani’s direct and indirect share in the company to around 88%.