DAMAC founder delays steps to go private until after regulator’s review

The corporate logo of DAMAC, written in English and Arabic, is seen in Dubai, United Arab Emirates, December 31, 2018. Picture taken December 31, 2018. REUTERS/ Hamad I Mohammed/Files

DUBAI, June 22 (Reuters) – The founder of DAMAC Properties (DAMAC.DU) has postponed efforts to take the firm private after the securities regulator of the United Arab Emirates launched a review of the transaction, the company said on Tuesday.

In a letter, Maple Invest Co, the vehicle backed by founder Hussain Sajwani, said acquisition procedures would be postponed until the Securities and Commodities Authority concluded the review.

Sajwani made a $595-million offer this month to buy out minority shareholders in DAMAC Properties, which he has run for nearly two decades. read more

Reporting by Saeed Azhar; Editing by Clarence Fernandez

Our Standards: The Thomson Reuters Trust Principles.

source: reuters.com

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