Maple Invest announced that it has completed the purchase of 15.6% of the shares of DAMAC Properties on the Dubai Financial Market.
Maple Invest belongs to Emirati businessman Hussain Sajwani, and the purchase is aimed at acquiring all the shares of the company he founded in 2002, and delisting it from the Dubai market.
The company purchased approximately 944 million shares, representing about 15.6% of the issued capital of DAMAC at a price of 1.4 dirhams per share.
On June 9, Maple submitted a conditional offer to purchase the remaining shares of DAMAC Properties that are not owned by Maple or its subsidiaries.
The offer included a price of 1.30 dirhams per share, but Maple later decided to postpone the implementation of the acquisition offer after the shareholders of DAMAC rejected it, which called on the Board of Directors of DAMAC to appoint consultants to assess the fairness of the value of the offer.
At the end of last October, Maple announced that it intends to purchase 800 million shares of DAMAC Properties through the Dubai Financial Market, provided that the purchase process is outside the offer made by Maple to acquire all of DAMAC’s shares.
Meanwhile, the data released today showed the implementation of a quantity higher than the target, bringing Sajwani’s direct and indirect share in the company to nearly 88%.
His stake in the company before the implementation of the last deal was approximately 72%, which indicates that he is close to the goal to reach his share in the company to more than 90%.
In a related context, Emirati businessman Hussein Sajwani, founder and main shareholder of DAMAC Properties, confirmed that the recovery of the real estate market in Dubai looks amazing, and that it is the beginning of a recovery that will remain in the long term.
“I’ve watched Dubai for the past 20 years, and I’ve always gone through cycles during that period,” Sajwani said.
Sajwani described the current recovery in the Dubai real estate market as amazing, expressing his belief that it will last for a long time.
He explained that people came to Dubai during the closure period that prevailed in most countries of the world during the past year, and they found safety, health care, vaccination with anti-pandemic vaccines, which made the emirate a more attractive place for investment.