Emirati businessman Hussain Sajwani, owner of Maple Invest Co Ltd., acquired 943.94 million shares in DAMAC Properties, representing 15.6% of the issued and paid-up capital of DAMAC, during the partial acquisition offer submitted by Maple, which ended on November 25, 2021.
According to Arabiya Net, Damac said in a statement that the acquisition was made through a group of operations that took place through trading in the Dubai market inside the hall at a price of 1.40 dirhams per share.
According to Al Arabiya.net's calculations, the value of the purchased shares is about 1.32 billion dirhams.
And thus, Maple's ownership will become 21.61% of the capital in Damac, and the combined ownership of the final bidder will become, in addition to the ownership of the associated group, a percentage of 95.537% of the capital in Damac.
MapleInvest, owned by Hussain Sajwani, had offered to buy all the shares of Dubai-based Damac Properties, announcing its final intention to withdraw the company's listing from the Dubai Financial Market.
According to the offer announced on Nasdaq Dubai's website, Maple Invest intends to acquire more than 90% of DAMAC, after which it will be able to submit a compulsory acquisition offer. On the rest of the arrows and pull inserted.