Hussain Sajwani-owned investment vehicle makes bid to acquire 100% of DAMAC Properties
Maple Invest Company looks to purchase 100% of the issued and paid-up ordinary share capital of Dubai-based luxury property developer
Maple Invest Company, a fully owned vehicle by Hussain Sajwani, the Dubai billionaire, has launched an offer to acquire 100% of the issued and paid-up ordinary share capital of DAMAC, the luxury property developer.
In a filing to the Dubai Financial Market, Maple Invest said that under the terms of the offer, holders of shares in DAMAC (excluding Maple and its associate groups) would be entitled to receive AED1.4 in cash for each DAMAC share that they hold.
Sajwani is the founder of DAMAC Properties and currently owns 72.215% of the company.
The announcement comes in the wake of approval from the UAE’s Securities and Commodities Authority (SCA) to relaunch its buyout offer for Damac. In June, the company had made a $595 million offer for the property developer’s shares, with an offering of AED1.3 a share.
However, the company postponed the buyout offer pending its review by SCA.
At the time, Maple Invest had stated that the updated offer “will only address process points and not affect the material parameters of the offer, including the offer price which remains at AED 1.30 ($0.354) per share.”
Arqaam Capital is acting as Receiving Agent with respect to the offer, and Freshfields Bruckhaus Deringer are acting as legal advisers to Maple.
