Dubai – Mubasher: Maple Invest Co, owned by Hussain Sajwani, has submitted an AED 935.4 million ($255 million) offer to purchase the minority shareholders in DAMAC Properties, Reuters reported.

Sajwani, who resigned as chairman and from the board, directly and indirectly holds 88.106% of the Dubai-based property developer.

The all-cash offer comes amid the coronavirus (COVID-19) repercussions on the local economy last year and Dubai's property market.

Maple Invest Co seeks to raise its ownership in Damac to at least 90% plus 1 to be able to exercise its right to buy out the remaining minority shareholders at a price of AED 1.3 per share.

This transaction would result in delisting Damac from the Dubai Financial Market (DFM) and turning the company private.

Since Sajwani founded Damac in 2002, the company has built 33,000 homes and has another 33,000 under construction.

It is noteworthy to mention that in the first quarter (Q1) of 2021, the company's net losses increased to AED 189.622 million, compared to AED 106.127 million in the year-ago period.