DUBAI: Investment company Maple Invest, owned by tycoon Hussain Sajwani, has delayed the potential buyout of DAMAC, the developer said in a bourse filing.
It earlier offered to take the Dubai developer, which is behind some of the emirate’s glitziest property projects, private at a 45 percent discount to its offer price in 2015 when it went public.
On Monday, the investment company said it hired advisers following the $599m plan.
The company founded by tycoon Hussein Sajwani said on Sunday it has appointed an independent valuer and financial adviser to help determine the fairness of the offer from the perspective of shareholders, the company said in a filing to the Dubai Financial Market.
DAMAC said on Sunday it had also appointed Al Tamimi & Co. as an external legal adviser and that the supplemental offer document would be published by the end of the month.
The developer said that there would be no change to the rights of customers who had paid for projects that had not yet been delivered.
The planned de-listing of DAMAC is seen as a blow for the Dubai Financial Market amid amid increased competition from other regional bourses in Abu Dhabi and Saudi Arabia.
