Hussain Sajwani, Chairman of DAMAC Properties, resigns

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Dubai – Mubasher: DAMAC Properties announced the resignation of Hussain Ali Habib Sajwani yesterday from his position as Chairman and Board Member of the company..

The company explained in a statement to the Dubai Market today, Wednesday, that the reason for the resignation was due to a conflict of interest arising from his stake in “Mabel Invest Co Ltd” and his participation in the acquisition offer submitted by it in his capacity as Chairman of the Board of Directors of “DAMAC”.“.

She added that “Sufian Al-Khatib”, a member of the Board of Directors, will be excluded from participating in the decisions of the Board or discussions related to the submitted offer, due to the existence of material interests between him and Hussein Sajwani, which may lead to a conflict of interest..

She said the board will appoint an independent board committee that will be responsible for making day-to-day decisions regarding the bid.

She indicated that the members of the Board of Directors will appoint a new Emirati Board Chairman, appoint an independent financial advisor in relation to the acquisition offer, and also appoint an independent evaluator in relation to the offer, and a legal advisor will be appointed in relation to the offer..

and offered Maple Invest owned by Hussain Sajwani Today, Wednesday, the purchase of all shares of “DAMAC Real Estate”.

Maple Invest submitted a voluntary and conditional offer to acquire shares in the issued and paid-up capital of DAMAC Properties.

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