Founder sees DAMAC takeover complete by March | Reuters

Founder sees DAMAC takeover complete by March | Reuters

Dubai property tycoon Hussain Sajwani's investment vehicle said on Monday he and "associated group members" now own 91.65% of DAMAC Properties (DAMAC.DU) in a buyout of minority shareholders expected to be completed by the end of March.

Sajwani stepped down in June as chairman of the property developer he had run for nearly two decades to launch the takeover, which has since gained regulatory approval and support from the board. He wants to take the company private.

His Maple Invest Co said in a regulatory filing he and "associated group members" now owned 91.65% of DAMAC's share capital following the acquisition of 800 million shares. Sajwani and the associate members owned 78.43% of the shares as of Oct. 28.

If accepted, BlackRock, State Street and other minority shareholders will receive 1.4 dirhams ($0.38) for each share that they hold, according to the offer.