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Monday, November 1, 2021

Founder sees DAMAC takeover complete by March - Reuters

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Hussain Sajwani, founder and chairman of Dubai's DAMAC Properties poses for the camera during an interview with Reuters at his office in Dubai, August 30, 2017. REUTERS/Saeed Azhar/File Photo

DUBAI, Nov 1 (Reuters) - Dubai property tycoon Hussain Sajwani's investment vehicle said on Monday he and "associated group members" now own 91.65% of DAMAC Properties (DAMAC.DU) in a buyout of minority shareholders expected to be completed by the end of March.

Sajwani stepped down in June as chairman of the property developer he had run for nearly two decades to launch the takeover, which has since gained regulatory approval and support from the board. He wants to take the company private.

His Maple Invest Co said in a regulatory filing he and "associated group members" now owned 91.65% of DAMAC's share capital following the acquisition of 800 million shares. Sajwani and the associate members owned 78.43% of the shares as of Oct. 28.

If accepted, BlackRock, State Street and other minority shareholders will receive 1.4 dirhams ($0.38) for each share that they hold, according to the offer.

Sajwani told Reuters on Monday that it would take a few months for the takeover to complete, affirming when asked it would be completed by the end of the first quarter.

The all-cash offer was announced amid a mild recovery in Dubai's once hot property market, that has since gained further traction though analysts warn the recovery is uneven and fragile.

S&P Global Ratings this month cautioned in a note that oversupply was expected to depress prices over the coming years.

DAMAC, set up by Sajwani in 2002, owns the only Trump-branded golf course in the Middle East.

Sajwani said Dubai's main developers, including DAMAC, had matured and that he believed the market would not again be flooded with speculative projects, and so future downturns would be gradual rather than sharp.

He said the buyout would mostly be financed from his "own resources" though "some banking facilities" would also be used.

Sajwani also told Reuters that part of the reason he wanted to take DAMAC private was to expand internationally, which he said carried risk that he didn't want to expose other shareholders to.

He added no international projects had yet been identified.

($1 = 3.6728 UAE dirham)

Reporting by Alexander Cornwell; Editing by Emelia Sithole-Matarise

Our Standards: The Thomson Reuters Trust Principles.

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Founder sees DAMAC takeover complete by March - Reuters
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