Dubai's Damac appoints top-level committee to assess $599m shares offer - Arabianbusiness
Dubai-based developer Damac has appointed an independent committee of board directors to assess the offer from former chairman Hussain Sajwani to take the company private by buying out the minority shares.
In a filing to Dubai Financial Market, Damac said it has also appointed KPMG Lower Gulf Limited as valuer and Arqaam Capital Limited as financial advisor to evaluate the offer to acquire 100 percent of its issued and paid up ordinary share capital.
Maple Invest Co Limited, an investment vehicle owned by Sajwani, offered AED2.2 billion ($599 million) last week.
Sajwani who owns a 72 percent stake in the developer, resigned as Damac’s chairman to avoid conflict of interest.
Damac said in the filing that he has now been replaced by Farooq Arjomand with immediate effect while Ali Malallah Binjab has been appointed vice-chairman.
Currently Maple has direct and indirect shareholding of 88.106 percent in Damac Properties.
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