Maple Invest, the investment company owned by DAMAC’s founder Hussain Sajwani said that DAMAC’s privatization plans were postponed after the regulator, UAE’s Securities and Commodities Authority (SCA) launched a review of the transaction. An SCA representative told Reuters that it is “inquiring into some facts and circumstances” of the buyout offer, without divulging any more details. The news comes only a couple of days after DAMAC hired an independent valuation and financial adviser for a $599mn privatization deal. Hasnain Malik, head of equity strategy at Tellimer says, “There is hope that the regulatory review may lead ultimately to a more generous offer to buy out minority shareholders”. Sajwani directly and indirectly owns 72.215% of DAMAC according to Arab News.
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