Dubai’s Damac says no approach made so far on bid to go private – The National

Dubai’s Damac says no approach made so far on bid to go private – The National

Developer's founder and chairman Hussain Sajwani is reportedly weighing up bid to buy out minority shareholders

















Damac Properties slipped to a loss in the first quarter of 2020 despite higher revenue as it wrote down the value of development properties and trade receivables. Chris Whiteoak / The National



















Dubai-based Damac Properties said it has not received any potential acquisition offer following a report that its founder and chairman, Hussain Sajwani, is exploring a bid to take the company private.



On Tuesday, Reuters reported that Mr Sajwani, who retains a 72.2 per cent stake in Damac Properties, had been weighing up a bid to take the company private following a sustained decline in its share price.



"We would like to clarify that the company has not received, to date, any requests from any party that includes the intention of the acquisition,“ company secretary Magdy Elhusseiny said in a statement to the Dubai Financial Market, where its shares trade.





When contacted by The National, a spokesman for Damac reiterated the statement given by the company secretary to the DFM. Mr Sajwani's investment company, Dico