UAE Business: Maple Invest launches bid to acquire 100pc Damac stake – Gulf Digital News

UAE Business: Maple Invest launches bid to acquire 100pc Damac stake – Gulf Digital News

Maple Invest Company, a fully-owned vehicle by Dubai billionaire Hussain Sajwani, has launched its offer to acquire 100% of the issued and paid-up ordinary share capital of Dubai luxury project developer. 

 

Sajwani is the founder of Damac Properties and currently owns 72.215 per cent in the company.

 

The Maple Invest move comes following the go-ahead from the UAE's Securities and Commodities Authority (SCA) to relaunch its buyout offer for Damac.

 

In its filing to the Dubai Financial Market, Maple Invest said under the terms of the offer, holders of shares in Damac (excluding Maple and its associated groups) will be entitled to receive AED1.4 in cash for each Damac share they hold. 

 

TradeArabia had reported that Sajwani had in June made a $595 million offer. His plan was to pay AED1.3 a share to pick up the rest from the market.

 

But then the company postponed the buyout offer pending its review by SCA.

 

Maple Invest had then 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."

 

However, it has now sweetened the bid offer by taking it to AED1.4 in cash for each Damac