Dubai Tycoon Makes $599 Million Offer to Take Damac Private
- Chairman resigned from the board to avoid conflict of interest
- Several firms including Emaar Malls have decided to go private
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Dubai-based billionaire Hussain Sajwani offered to take over the rest of Damac Properties PJSC at a discount of nearly 45% to the developer’s local listing in 2015, the latest bid to buy out minority shareholders in the United Arab Emirates over the past year.
Maple Invest Co Limited, an investment vehicle owned by Sajwani, offered 2.2 billion dirhams ($599 million), making what it called “a voluntary conditional offer for the issued share capital of Damac not already owned by Maple and its affiliates,” according to separate statements on Wednesday. Sajwani, who owns a 72% stake in the developer, resigned as Damac’s chairman to avoid conflict of interest.