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The board of directors of Dubai developer DAMAC Properties has appointed a new chairman following the resignation of the firm’s founder, Hussain Sajwani.
Farooq Arjomand, who has extensive experience in private banking and served as the board’s non-executive director, will take over the post with immediate effect, a bourse filing confirmed on Tuesday.
This comes as the property tycoon has expressed his intention to acquire 100 percent of the issued and paid up ordinary share capital of the Dubai International Financial Market-listed company, which he plans to take private.
Last week, the UAE billionaire offered 2.185 billion dirhams ($594.8 million) to buy out the shares through his investment vehicle, Maple Invest Co. The takeover bid is for Sajwani to de-list DAMAC’s shares, according to the terms of the offer previously submitted by Maple.
In its latest statement to the DFM, the firm said the board has resolved to appoint Arqaam Capital Limited as the financial advisor for Sajwani’s offer. Al Tamimi & Company and KPMG Lower Gulf Limited will also be commissioned as legal advisor and valuer, respectively.
An independent committee of the DAMAC board of directors will also be reviewing the offer.
The developer reported a net loss of 189.6 million dirhams ($51 million) for the first quarter of 2021.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
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