Damac chairman Hussain Sajwani launches $595m take-private bid

SourceThe National
SectorReal Estate

Dubai’s property developer Hussain Sajwani is planning to take Damac Properties private by buying its remaining shares through an investment vehicle he owns.

Mr Sajwani, who currently owns 72 per cent of the company, submitted an offer to acquire the remaining shares at Dh1.30 per share, amounting to about Dh2.18 billion ($595m), according to a document filed at the Dubai Financial Market, where the shares currently trade. He has also resigned from the board as chairman after making the bid due to a conflict of interest.

Maple Invest, a British Virgin Islands company owned by Mr Sajwani, “has an intention to make a

...