Dubai – Mubasher: The board of DAMAC Properties has approved to appoint an independent committee to review and assess the offer made by Maple Invest Co, owned by Hussain Sajwani, to acquire 100% of the company's issued and paid-up ordinary share capital.

The board has also agreed on appointing Al Tamimi & Company as the legal advisor, KPMG Lower Gulf Limited as the valuer, and Arqaam Capital Limited as the financial advisor to evaluate the offer, according to a recent bourse filing.

Meanwhile, the board has appointed Farooq Arjomand as the new Chairman and Ali Malallah Binjab as the Vice-Chairman.

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

It is noteworthy to mention that on 9 June, Maple Invest Co has submitted an AED 935.4 million offer to purchase the remaining minority shareholders in Damac.