Hussein Sajwani’s Maple Invest Co Limited is exploring the potential acquisition of Damac Properties . Damac shares jumped more than 14% on Sunday morning after the announcement.
In a statement sent to the Dubai Financial Market, Maple Invest said it is “in the process of assessing the acquisition opportunity”, but said that no offer had yet been made.
They also added, “This study is considered as part of our investment strategy, as we continuously explore investment opportunities both regionally and internationally, including current opportunities in the UK, continental Europe and the USA, in addition to the potential acquisition of 100 % of the issued and paid up capital of a company. Damac Properties Dubai.
“We confirm that we have not made any offer (either formally or otherwise) or entered into any agreement so far regarding the acquisition of DAMAC Properties. And since we are still in the process of evaluating the acquisition opportunity, this announcement may not be interpreted as an intention to make an offer.” .
According to market data, Hussain Al-Sajwani currently owns about 72% of the shares of Damac Properties, which has a market value of about 4.6 billion dirhams.
DAMAC Properties, which operates in the UAE, Saudi Arabia, the United Kingdom and a number of other markets, has witnessed an 80% fall in share prices since the beginning of 2018 amid a decline in the emirate’s real estate market.