Maple Invest Co, a vehicle fully-owned by Damac Properties' founder Hussain Sajwani, submitted an offer to acquire 100 per cent of the issued and paid-up ordinary share capital of the Dubai-based developer. This comes after the property company's board unanimously recommended its minority shareholders accept the founder's offer to buy it out and take the company private.
Under the terms of the offer, Damac shareholders, excluding Maple and its associated groups, will be entitled to receive Dh1.40 ($0.38) in cash in exchange for each Damac share they hold, according to a statement by Maple Invest on October 28.
Arqaam Capital is the receiving agent on the offer, while Freshfields Bruckhaus Deringer are the legal advisers to Maple.
To participate in the offer, Maple asked shareholders to fill in and sign an acceptance form that will be electronically distributed to them and available on Damac's investor relations website and return it by 2pm on November 25, Maple Invest said.
Mr Sajwani, who owns 72 per cent of the Dubai company, said on June 9 that he would buy the remaining shares of Damac for a price of Dh1.3 each, amounting to $595 million.
He resigned in June from the board as chairman to avoid a conflict of interest. Damac subsequently appointed vice chairman Farooq Arjomand as his replacement, while Ali Binjab was appointed as vice chairman of the company.
Mr Sajwani relaunched a bid in September to take Damac Properties private through Maple Invest, the British Virgin Islands company he fully owns, after securing regulatory approval to buy shares in the developer.
In June, Maple Invest said it plans to own a minimum of 90 per cent and up to 100 per cent of the developer.
Damac, known for its luxury branded real estate projects with fashion houses and for building the Middle East’s only Trump-branded golf course, has recorded successive quarterly losses. However, the company narrowed those in the second quarter this year, boosted by a recovery in the UAE property sector.
Damac, which has a market capitalisation of more than $2bn, reported booked sales of Dh2.6bn for the first six months of the year and the delivery of 2,700 units in Dubai.
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
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1 . Filippo Ganna (Ineos) - 0:13:56
2. Stefan Bissegger (Education-Nippo) - 0:00:14
3. Mikkel Bjerg (UAE Team Emirates) - 0:00:21
4. Tadej Pogacar (UAE Team Emirates) - 0:00:24
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GENERAL CLASSIFICATION
1. Tadej Pogacar (UAE Team Emirates) - 4:00:05
2. Joao Almeida (QuickStep) - 0:00:05
3. Mattia Cattaneo (QuickStep) - 0:00:18
4. Chris Harper (Jumbo-Visma) - 0:00:33
5. Adam Yates (Ineos) - 0:00:39
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Indika
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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