Dubai developer Damac Properties will hold a special board meeting next week to discuss to offer by Maple Invest Co to acquire all of its issued share capital.
The developer’s Independent Committee will hold the meeting on October 5 after its founder Hussain Sajwani last week relaunched the offer to take the firm private following approval from the UAE’s securities regulator.
Maple Invest Co Limited, the vehicle backed by Sajwani, said last week that an update to the original $595 million offer made in June is expected within 14 days.
In a filing to Dubai Financial Market, Ahmed Fiala, the board secretary at Damac, said the board would consider the offer, review the reports of independent consultants and decide whether to recommend the offer to shareholders.
In June, Sajwani (pictured below) said efforts to take the real estate development firm private were being postponed after the Securities and Commodities Authority (SCA) launched a review of the transaction.
Sajwani, who owns a 72 percent stake in the developer, resigned as Damac’s chairman to avoid conflict of interest.
In June, S&P Global Ratings said the credit metrics of Damac are unlikely to be impacted by its possible delisting.
The agency said the proposed change in financial policy of the residential real estate developer is “credit neutral”.
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 $375 million with its UK IPO.
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