Dubai property developer DAMAC revealed in a filing to the Dubai Financial Market that it has hired an independent valuation and financial adviser to assess offers from prospective shareholders in a $599mn bid to privatize the company. This comes many years after Maple Invest Co, owned by the founder of DAMAC, Hussein Sajwani, had made a bid in 2015 to take the company private at a 45% discount to its offer price. The company did not divulge any details on the current offers it is reviewing. There would be no change in the rights of the customers who have paid for the upcoming projects but are waiting to receive them. The proposed delisting from the Dubai Financial Market comes at a time when there is increased competition from other regional bourses in Abu Dhabi and Saudi Arabia.
DAMAC guaranteed Alpha Star’s 6.25% 2022s were up 0.03 to trade at 100.06 and 6.625% 2023s were down 0.08 to trade at 100.13.
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