Damac founder delays share acquisition for SCA review

The UAE's Securities and Commodities Authority is carrying out a review of the acquisition by Hussain Sajwani's Maple Invest Co

  
An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

REUTERS/Satish Kumar

Damac Properties founder Hussain Sajwani’s offer to acquire shares and take the firm private has been delayed after UAE’s securities regulator, Securities & Commodities Authority (SCA), has started a review of the transaction.

The UAE’s stock market regulator is to review the prospective acquisition, which would see Maple Invest Co, owned by Sajwani, owning no less than 90 percent and up to 100 percent of Damac’s shares, the company notified Dubai Financial Markets. 

Sajwani’s offer to buy Damac Properties, which he founded in 2002,was disclosed to DFM earlier this month. 

Damac Properties reported a net loss of $52 million for the first quarter of 2021.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

(imogen.lillywhite@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2021


More From Equities