Damac Properties, the largest private developer in Dubai, on Tuesday said its founder Hussain Sajwani's Maple Invest Co. has postponed the acquisition of Damac's shares and to take the firm private.
The decision to delay acquisition has been taken after the UAE's securities regulator, the Securities and Commodities Authority (SCA), launched a review of the transaction.
Damac said in a statement to Dubai Financial Market, where it is listed, that the decision to postpone the acquisition is taken until the review by the SCA is concluded.
Sajwani directly and indirectly controls 88.106 per cent of the property company.
Sajwani had made a Dh2.2 billion bid in June to buy out the minority stake in Damac Properties and take the firm private.
Sajwani had resigned from the company's chairmanship and the company’s board of directors have appointed Farooq Arjomand as a new chairman.
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