Sajwani’s Maple extends offer to acquire 100% of Damac Properties

Maple Invest Co Limited, an investment vehicle owned by Hussain Sajwani, launched its offer to acquire 100 per cent of the issued and paid-up ordinary share capital of Damac Properties.

Under the terms of the offer, holders of shares in Damac (excluding Maple and its associated groups) will be entitled to receive Dhs1.40 in cash for each Damac share they hold.

Details of the transaction were announced to the Dubai Financial Market by Damac, a statement said.

To participate, shareholders are requested to fill in and sign an acceptance form which will be electronically distributed to shareholders, and return it by electronic submission to [email protected] or by delivery to certain locations stated in the acceptance form by no later than 2pm on November  25, 2021.

Arqaam Capital is acting as receiving agent with respect to the offer, and Freshfields Bruckhaus Deringer are acting as legal advisers to Maple.

On June 9, Sajwani – who owns a 72 per cent stake in Damac – offered to acquire 100 per cent of the listed company via Maple Invest.

Maple offered Dhs2.2bn as “a voluntary conditional offer for the issued share capital of Damac not already owned by Maple and its affiliates,” it said.

Sajwani also resigned as Damac’s chairman to avoid conflict of interest.

Read: Dubai tycoon Hussain Sajwani resigns, makes $599m offer to take Damac private

Damac listed in Dubai’s main bourse in 2015 in an exchange for shares that were traded in London since 2013. The developer has reported losses in 2020 and 2019 as the property market struggled with an oversupply that hammered prices for the past seven years.