UAE billionaire Hussain Sajwani is proceeding with the acquisition of DAMAC Properties, which he founded nearly two decades ago.
The Emirati businessman’s investment vehicle Maple Invest had earlier suspended plans to take the listed company private and buy out minority shareholders in exchange for $595 million.
About 88 percent of DAMAC is directly and indirectly controlled by Sajwani.
In a statement to the Dubai Financial Market (DFM), Maple Invest said the Securities and Commodities Authority (SCA) has granted its approval for the continuation of the offer process.
The offer price for the acquisition remains at 1.3 dirhams ($0.35) per share.
Within 14 days, an update of Maple Invest’s offer document will be released, the disclosure said.
The developer, which has recently partnered with Italian fashion house Cavalli to develop a $545 million skyscraper in Dubai, posted a net loss of 101 million dirhams for the second quarter of 2021 compared with the 280 million dirhams net loss a year earlier.
The UAE’s property market has been on a recovery path after taking a hit from the coronavirus pandemic last year.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021