According to Arab Net according to the show on NASDAQ Dubai, MAPLE Invest is intended to acquire an exceeding 90% of Damac, to be able to provide compulsory acquisition for the rest of the shares and drag.
Offered through Maple Invest at AED 30 and 30 fils per share, a very close price of the arrow closing price yesterday.
MAPLE INVEST has directly and indirectly 88% of Damac real estate.
As a result of the presentation, Hussein Sgwani, chairman of the Board of Directors of DAMAC, was submitted to his position to avoid conflicting interests. The Board of Directors of DAMAC Sufian Khatib was also excluded from participating in the Board of Directors or display discussions.
In the event of all DAMAC shareholders, the total value of the offer will be 935,454,406 dirhams, according to the presentation that Arabic.Net a copy of it.
The show indicates that Mbel received accepted accepting for 114.580.313 shares from Damac, accounting for at least 1.894% of the company's total capital, which is added to the 88.1%. The final share will reach at least 90% of total capital Source for Damac.
