Maple launches offer to acquire 100% of Damac’s share capital

Maple launches offer to acquire 100% of Damac’s share capital

UAE - Maple Invest Co Limited, a fully-owned vehicle by Hussain Sajwani, has launched its offer to acquire 100 per cent of the issued and paid-up ordinary share capital of Damac Properties Dubai Co PJSC that will pave the way to delist the company. Under the terms of the offer, holders of shares in Damac [excluding Maple and its associated groups] will be entitled to receive h 1.40 in cash for each Damac share they hold. The compay’s shares closed unchanged at Dh1.25 in Dubai on Thursday. Sajwani, who in 2002 set up the developer that owns the only Trump-branded golf course in the Middle East, in September received regulator approval for his takeover bid to buy the rest of Damac Properties PJSC by about eight per cent. The billionaire and his family currently hold just under 84 per cent of the company. Sajwani stepped down as chairman and from the board in June after the takeover bid was announced. var width=document.documentElement.clientWidth;if(width>=320&&width<728){}; googletag.cmd.push(function(){try{var d=document.documentElement.clientWidth;var a;var c="/21857811890/en.zcom/";var b;if(d>=320&&d<728){a=[300,250];b=["mobile_mr_story"]}else{a=[300,250];b=["MR_Story"]}var h="MR_Story";var g=googletag.defineSlot("/21857811890/en.zcom/",a,"div-gpt-ad-MR_Story").setTargeting("type",b).addService(googletag.pubads());gptAdSlots.push(g);if(h!="MR_Story"){googletag.pubads().collapseEmptyDivs(true,true)}googletag.pubads().enableSingleRequest();googletag.enableServices();if((h=="PSB_Left")||(h=="mobile_psb_left")||(h=="PSB_Top")||(h=="mobile_psb_top")||(h=="PSB_Bottom")||(h=="mobile_psb_bottom")||(h=="PSB_Middle")||(h=="mobile_psb_middle")||(h=="leaderboard_home")||(h=="leaderboard_bottom_home")||(h=="mobile_leaderboard_home")||(h=="mobile_leaderboard_bottom_home")){setInterval(function(){googletag.pubads().refresh([g])},240000)}}catch(f){console.log("Error loading Ad banner "+h)}}); try{googletag.cmd.push(function(){googletag.display("div-gpt-ad-MR_Story")})}catch(e){console.log("Error displaying Ad banner "+bannerName)}; The company’s board has also endorsed the decision that the offer was made by members who did not have a conflict of