Damac Withdraws GDR for Share Swap as Time Runs Out for Listing - Bloomberg

Damac Withdraws GDR for Share Swap as Time Runs Out for Listing - Bloomberg:



"Damac Real Estate Development Ltd. (DMC) withdrew an offer to swap its London-listed global depositary receipts for Dubai shares, saying the developer needed more time to arrange its United Arab Emirates listing.



The company, whose GDRs started trading in the U.K. in December, said in a regulatory filing yesterday it intends to make a new exchange offer to eligible holders “on substantially the same terms as the previous offer.” The original swap was subject to the admission of Damac shares to trading on the Dubai Financial Market (DFMGI) on or before Oct. 6, but “DFM admission is now likely to occur later than was expected,” it said.



Damac’s London sale was the first by a Dubai developer since the sheikhdom’s real-estate market crashed in 2008, and tested the appetite of global investors for the city’s recovering property market. The GDRs have climbed almost 60 percent since the offering priced at the bottom of its target range, according to data compiled by Bloomberg."



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