Maple Invest Co Limited, an investment vehicle owned by Hussain Sajwani, has postponed the offer to acquire shares in the share capital of Dubai developer Damac Properties.
“We would like to inform you that a letter was received from Maple Invest Co Limited regarding postponement of the acquisition procedure,” Damac Properties said in bourse filing.
The Securities and Commodities Authority is undergoing a review in this respect and the acquisition procedure has been postponed until the review is concluded, a letter by Maple read.
On June 9, Sajwani – who owns a 72 per cent stake in Damac – offered to acquire 100 per cent of the listed company via Maple Invest.
Maple offered Dhs2.2bn as “a voluntary conditional offer for the issued share capital of Damac not already owned by Maple and its affiliates,” it said.
Sajwani also resigned as Damac’s chairman to avoid conflict of interest.
Damac listed in Dubai’s main bourse in 2015 in an exchange for shares that were traded in London since 2013. The company raised about $379m with its UK IPO.
The developer has reported losses in 2020 and 2019 as the property market struggled with an oversupply that hammered prices for the past seven years.
With inputs from Bloomberg