Dubai developer Damac is all set to stop trading on DFM on Feb 15 | Property – Gulf News
February 14 will be the last day of trading for Damac Properties’ stock, with the company set to inform DFM authorities to suspend trading from Tuesday.
This will set the stage for Hussein Sajwani, Damac’s founder, and entities/individuals related to him owning 100 per cent of the company. Last year, Sajwani followed up a plan that had been there for some time to de-list Damac and set a new course for the developer back fully in private mode.
Through his investment company Maple, Sajwani then set in motion a process to buy up all shares that were not held by him, his family or associated enterprises. An initial offer price was renewed after the matter was raised before the UAE stock market regulator, SCA (Securities and Commodities Authority).
Today (February 14), the re-privatisation of Damac has reached its final moments. “Damac shareholders are notified that the notice period for the mandatory acquisition ended on 13 February,” Damac said. “As of today’s date, neither DAMAC nor Maple has received any objection to the mandatory acquisition announced on 13 December 2021.”
No comments:
Post a Comment