Dubai developer Damac Properties will officially delist from the Dubai Financial Market, it said on Monday, after the move was approved at the company's general assembly meeting.
Maple Invest, a vehicle fully owned by Damac’s founder Hussain Sajwani, submitted a notice last year for the mandatory acquisition of all its shares and to take the company private.
On Monday, the general assembly meeting approved "the conversion of the legal form of the company from a public joint stock company to a private joint stock company" and authorised the chairman of the board to sign all necessary documents, Damac said in a statement to the DFM.
Shares of Damac stopped trading on the DFM on February 15 after a notice period to take the company fully private ended and it received no objections.
Mr Sajwani, who owns 72 per cent of the Dubai company, said in June that he would buy the remaining shares of Damac for $595 million.
In October, Maple said that under the terms of the offer, Damac shareholders, excluding Maple and its associated groups, would be entitled to receive Dh1.40 ($0.38) in cash in exchange for each Damac share they hold.
The move towards privatisation comes as the developer struggles to remain profitable.
It narrowed its net loss for the 2021 financial year to Dh531m from Dh646m recorded a year earlier, it said last month.
Total revenue for the reporting period fell 37 per cent annually to Dh3 billion at the end of 2021, Damac said in a regulatory filing.
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The Freedom Artist
By Ben Okri (Head of Zeus)
Dengue%20fever%20symptoms
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Company%20profile
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