How soon will Dubai developer Hussain Sajwani pick up another 17.785% in Damac?

SourceGulf News
SectorReal Estate

Dubai: Hussain Sajwani will have one immediate priority – get to ‘90 per cent plus 1’ ownership of Damac at the earliest opportunity. Once he does that, it should all be smooth running in his plans to take the Dubai real estate developer back into full private ownership. According to the rules, once the ownership touches 90 per cent plus 1 share level, Sajwani through his operating company Maple Invest Co.

can exercise the right to acquire shares of even those who do not want to accept the offer. Once that point is reached, it will only be a matter of time before Damac Properties gets to be fully owned by Sajwani. (Maple is an investment vehicle in which Sajwani has full ownership.) And lead up its delisting from the Dubai stock market – and making it the second biggest name to do so in the present. It’s interesting that Sajwani made his intentions to go private during the more...