Vijay Valecha, Special to Gulf News February 15, 2022
Dubai: 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.”
“Damac will instruct the DFM to suspend trading of its shares with effect from Tuesday and all remaining Damac shares (not already held by Maple) will be re-registered in the name of Maple in Damac’s share register by February 20. Maple will settle any cash consideration due to remaining Damac shareholders through the relevant payment method as registered with Dubai CSD at DFM by these shareholders.”What next for Damac and Sajwani?
Now that Damac is once again fully his, will Sajwani go back to being the Chairman? This was a role he stepped down from as the Board of Directors formally received the Maple takeover offer. Chances are that the Board will be reconstituted, according to market sources.
Damac will be announcing its full-year 2021 results and all the pointers are to a set of numbers that would please Sajwani. Recently, the company had come to market with its ‘Damac Lagoons’ project, more of a niche venture to test out the offplan waters.
In a few days, Damac will revert to the status of being a full-owned private enterprise, for the first time since January 15. A new chapter will get started then…
AN INITIAL DRAGSource: