Dubai – Mubasher: DAMAC Properties will raise its ownership of the share capital of DAMAC International Limited for indirectly owning 75% of Nine Elms real estate project in London and working on a resort project in Maldives.

The value of the transaction is less than 5% of the company's issued capital, according to a bourse filing on Monday.

In December, the company's board agreed on increasing the company's ownership in Nine Elms from 20% indirect ownership to 40% total ownership.

It is noteworthy to mention that on Sunday, 7 March, Damac's board approved to raise the company's ownership in DAMAC International Limited to 45% from 20%.