Dubai – Mubasher: DAMAC Properties has denied the media reports claiming that its president is considering taking the company private, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

The company confirmed that it has not received any acquisition requests from any parties.  

On Tuesday, 30 June, three sources told Reuters that DAMAC's chairman, Hussain Sajwani, is mulling to purchase minority shareholders' holdings and make the DFM-listed company private.

One of the sources referred that Sajwani, who founded DAMAC and owns 72.2% of the company, has been studying the deal since late 2019 after DAMAC's share price dropped over the past two years.