DUBAI, United Arab Emirates (AP) — The billionaire founder of one of Dubai’s largest developers has postponed a bid to take the firm private, the company announced on Tuesday.
In a notice to the Dubai Financial Market, DAMAC Properties said the proposed deal was being shelved as it underwent a review by the United Arab Emirates’ securities regulator, without offering further details.
Earlier this month, the company's founder, Hussain Sajwani, made a $595 million offer to buy out minority shareholders at a major discount to the company's initial public offering. The move to delist the firm from the local stock exchange came as stock prices slipped amid the coronavirus pandemic. Sajwani owns about 72% of the company through various investment firms.
DAMAC is known in Dubai for a development that features a Donald Trump-branded golf club surrounded by villas and apartments, making it the only one of its kind in the Middle East that bears the Trump logo.
The company’s partnership with the Trump Organization to manage and run the golf course was struck before Donald Trump’s election as U.S. president.
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