Maple Invest Co, a vehicle fully-owned by Damac Properties' founder Hussain Sajwani, submitted an offer to acquire 100 per cent of the issued and paid-up ordinary share capital of the Dubai-based developer. This comes after the property company's board unanimously recommended its minority shareholders accept the founder's offer to buy it out and take the company private. Under the terms of the offer, Damac shareholders, excluding Maple and its associated groups, will be entitled to receive Dh1.40 ($0.38) in cash in exchange for each Damac share they hold, according to a statement by Maple Invest on October 28. Arqaam Capital is the receiving agent on the offer, while Freshfields Bruckhaus Deringer are the legal advisers to Maple. To participate in the offer, Maple asked shareholders to fill in and sign an acceptance form that will be electronically distributed to them and available on Damac's investor relations website and return it by 2pm on November 25, Maple Invest said. Mr Sajwani, who owns 72 per cent of the Dubai company, said on June 9 that he would buy the remaining shares of Damac for a price of Dh1.3 each, amounting to $595 million. He resigned in June from the board as chairman to avoid a conflict of interest. Damac subsequently <a href="https://feeds.dfm.ae/documents/2021/Jun/14/8ec9d9af-bc0a-4c28-8f0a-c075377d46d1/DAMAC_BODRES_15_06_2021.pdf">appointed</a> vice chairman Farooq Arjomand as his replacement, while Ali Binjab was appointed as vice chairman of the company. Mr Sajwani re<a href="https://www.thenationalnews.com/business/property/2021/09/23/damac-founder-gets-regulatory-approval-to-take-company-private/">launched a bid</a> in September to take Damac Properties private through Maple Invest, the British Virgin Islands company he fully owns, after <a href="https://www.thenationalnews.com/business/hussain-sajwani-delays-bid-to-take-damac-private-as-market-regulator-reviews-deal-1.1246408">securing regulatory approval</a> to buy shares in the developer. In June, Maple Invest <a href="https://www.thenationalnews.com/business/property/damac-chairman-hussain-sajwani-launches-595m-bid-to-take-listed-developer-private-1.1237982">said</a> it plans to own a minimum of 90 per cent and up to 100 per cent of the developer. Damac, known for its luxury branded real estate projects with fashion houses and for building the Middle East’s only Trump-branded golf course, has recorded successive quarterly losses. However, the company narrowed those in the second quarter this year, boosted by a recovery in the UAE property sector. Damac, which has a market capitalisation of more than $2bn, reported booked sales of Dh2.6bn for the first six months of the year and the delivery of 2,700 units in Dubai.