In Hiroshima, the city devastated by the first nuclear bomb, the biopic's Academy Awards success met a mixed reaction
Maple Invest Co Limited, a fully-owned vehicle by Hussain Sajwani, has launched its offer to acquire 100 per cent of the issued and paid-up ordinary share capital of Damac Properties Dubai Co PJSC that will pave the way to delist the company.
Under the terms of the offer, holders of shares in Damac [excluding Maple and its associated groups] will be entitled to receive h 1.40 in cash for each Damac share they hold. The compay’s shares closed unchanged at Dh1.25 in Dubai on Thursday.
Sajwani, who in 2002 set up the developer that owns the only Trump-branded golf course in the Middle East, in September received regulator approval for his takeover bid to buy the rest of Damac Properties PJSC by about eight per cent. The billionaire and his family currently hold just under 84 per cent of the company.
Sajwani stepped down as chairman and from the board in June after the takeover bid was announced.
The company’s board has also endorsed the decision that the offer was made by members who did not have a conflict of interest with the deal and following independent advice, Damac said.
“Details of the transaction were announced to the Dubai Financial Market by Damac and shareholders are advised to submit the forms by November 25,” according to the bourse filing.
“To participate in the offer, shareholders are requested to fill in and sign an acceptance form which will be electronically distributed to shareholders and available at https://www.damacproperties.com/en/investor-relations, and return it by electronic submission to damactenderoffer@arqaamcapital.com or by delivery to certain locations stated in the acceptance form by no later than 2.00PM on November 25, 2021,” it said.
The company’s previous de-listing attempt triggered a regulatory review and backlash from minority investors who questioned the timing of the move as the property market started to improve. Maple offered the stock at huge discount of nearly 45 per cent to minority shareholders, but the Securities and Commodities Authority took an immediate action to open a review and stop the move at that time.
“Latest offer at Dh1.40 per share of Damac, up from Dh1.30, is much better and valuing the company at Dh8.47 billion,” according to a market expert.
Arqaam Capital is acting as receiving agent with respect to the offer, and Freshfields Bruckhaus Deringer LLP are acting as legal advisers to Maple.
-- muzaffarrizvi@khaleejtimes.com
In Hiroshima, the city devastated by the first nuclear bomb, the biopic's Academy Awards success met a mixed reaction
The Bollywood actor hosted the inaugural Hope Gala in London attended by prominent global personalities
More than 50 people are coming in to get the shot every day, doctors say
The nol cards can be used not only for public transport but also to make essential purchases at participating retail outlets in the emirate
The Italian company stands as the first Italian real estate brokerage group operating in the UAE
'The Australian batter also thinks 'there's no one better in India to have behind the stumps'
Policybazaar.ae unveils heartfelt short film advocating the need for term insurance
The app allows citizens to use digital documents on their smartphones instead of physical ones for identification and sharing purposes