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Wed 24 Sep 2014 06:18 PM

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Damac Properties pulls exchange offer for Dubai listing

Real estate developer says it has been unable to secure an agreement with UAE market regulator

Damac Properties pulls exchange offer for Dubai listing

Damac Properties has withdrawn an offer for holders of its London-listed Global Depositary Receipts (GDRs) to swap their positions for shares to be listed on the Dubai Financial Market, it said in a statement on Wednesday.

The developer had been unable to secure an agreement with the UAE's market regulator, the Securities and Commodities Authority, in time for the exchange offer to proceed in its current form, Damac said in a filing in London.

Damac said it would propose a new exchange offer, under terms that were "substantially the same", which would launch "shortly", adding the cancelled deal had secured the approval of 71 percent of eligible GDR holders.

GDRs are certificates listed on a foreign exchange to the firm's home market which represent shares in the company, and are often used by emerging market corporates as a way of listing on more developed stock exchanges.

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