Dubai's top real estate developer DAMAC Properties today clarified that the potential acquisition that will be discussed by the board of directors on Wednesday, December 23, will be about increasing the company's current shareholding in the Nine Elms project in London.

In a statement to the DFM, DAMAC Properties confirmed that to date there are no other acquisition deals that have been submitted to the company's board of directors for the purposes of consideration and discussion.

DAMAC Properties clarified on last Wednesday that only a small portion of the company’s shares are owned by foreign investors and that the majority ownership, approximately 85 percent, is still controlled by the founder, Emirati billionaire Hussain Sajwani and his family.

“The company wishes to clarify that… 72.2 percent of total company shares are held by founder and chairman Hussain Sajwani (18 percent are held by him through companies registered in foreign jurisdictions, and the balance 54 percent are held onshore),” it said.

(Writing by Seban Scaria; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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