Hussain Sajwani’s Maple Invest bids to buy 100% of Damac’s share

Hussain Sajwani’s Maple Invest bids to buy 100% of Damac’s share

Representational Image

Maple Invest, an investment vehicle fully owned by Damac Properties’ founder Mr. Hussain Sajwani, submitted an offer to purchase 100 percent of the issued and paid-up ordinary share capital of the Dubai-based developer. 

The offer was submitted after the property company’s board recommended that its minority shareholders accept the founder’s proposal to buy it out and take the company private.

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 $0.38 in cash for each Damac share they hold. 

Dubai-based Arqaam Capital is the receiving agent on the offer, and Freshfields Bruckhaus Deringer is the legal advisers to Maple. To participate in the offer, Maple asked shareholders to fill in and sign an acceptance form that will be electronically distributed to them and available on Damac’s investor relations website.

The founder of Damac Properties, Mr. Sajwani currently owns 72.21 percent of the company. Earlier this year, Mr. Sajwani stated that he would buy the remaining shares of Damac for a price of $0.35 each, amounting to $595 million.

Mr. Sajwani resigned in June from the board as chairman to avoid a conflict of