DAMAC shares up 11% early on planned privatisation news | Nasdaq:
Shares of Dubai's DAMAC Properties DAMAC.DU surged nearly 11% to 0.761 UAE dirham ($0.2072) in early trade, after Reuters reported that its chairman is weighing buying out minority shareholders and taking the company private.
Hussain Sajwani, who founded the company nearly two decades ago, has been exploring the deal since late 2019 after DAMAC's share price plunged over the past two years, Reuters reported on Tuesday citing a source.
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