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
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