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Fri 10 Jul 2020 04:29 PM

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Maple Invest mulls Damac Properties acquisition

Maple Invest said it has not made any offer regarding a possible acquisition of Damac Properties

Maple Invest mulls Damac Properties acquisition
Maple Invest mulls Damac Properties acquisition
Maple Invest mulls Damac Properties acquisition

Hussein Sajwani's Maple Invest Co Limited is exploring the potential acquisition of Damac Properties, but insisted no formal offer has been made.

In a filing on Dubai Financial Market, Maple Invest said it is “in the process of assessing the acquisition opportunity”, but said there is currently no intent of making an offer.

“With reference to recent news, and in light of the commitment by Maple Invest Co Limited, as a representative of Mr. Hussein Sajwani and his group to transparency towards the market and the shareholders, we note that as part of our investment strategy we continuously explore investment opportunities both regionally and internationally, including current opportunities in the United Kingdom, Continental Europe and the United States of America as well as the potential acquisition of 100% of the issued and paid up share capital of Damac Properties Dubai PJSC,” read the statement on DFM.

“We confirm that we have not made any offer (whether formally or otherwise) or entered into any agreement to date in relation to the acquisition of Damac Properties Dubai PJSC. Given that we are still in the process of assessing the acquisition opportunity, this announcement shall not be construed to be an intent of making an offer ,,,”

The announcement comes a week after Damac Properties said it had not received any acquisition requests, which was made in response to a Reuters story that Sajwani was considering buying out minority stakeholders and taking the $1.1 billion Dubai-listed company private.

Damac, which operates in the UAE, Saudi Arabia, the UK and a number of other markets, has seen share prices fall 80 percent since the beginning of 2018 amid a slump in the emirate’s real estate market.

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