Hussain Ali Habib Sajwani made a voluntary conditional offer to acquire remaining 27.8% stake in Damac Properties Dubai Co. PJSC (DFM:DAMAC) from Zahra Sajwani and others for AED 2.2 billion on June 8, 2021. Under the terms of transaction, Hussain Ali Habib Sajwani made an offer to acquire 1.68 billion shares of DAMAC at a purchase price of AED 1.3 per DAMAC share. Zahra Sajwani holds approximately 5.3% stake in Damac. Hussain Ali Habib Sajwani confirms that sufficient resources are available to satisfy in full the cash consideration payable to DAMAC shareholders as a result of full acceptance of the Offer and has received confirmation from a financial advisor registered in the UAE and licensed by the UAE Securities and Commodities Authority indicating that the Offeror has the financial resources. Sofyan Al Khatib will remain on the Board of Damac but not be a part of Board discussion in relation to the offer. Following successful completion of the offer above, subject to the Ultimate Offeror?s Interest reaching in aggregate at least 90%+1 taking into account the acceptances received under the offer, Maple intends to exercise its rights to acquire the shares of any minority shareholders that do not accept the offer by submitting a mandatory notice to force the minority shareholders that did not accept the offer to sell all their shares in DAMAC to Maple (the Squeeze Out). The price per share that will be offered pursuant to the Squeeze Out will be the same price paid under the offer of AED 1.3 per DAMAC Share. The intention is for the Ultimate Offeror to de-list DAMAC?s shares after successful completion of the proposed offer and the Squeeze Out. Transaction is subject to customary closing conditions, including Offeror having received valid acceptances in respect of DAMAC Shares which if added to the Ultimate Offeror?s Interest would amount to at least 90% of the total issued share capital of DAMAC, Articles of Association of DAMAC having been amended to allow for a Squeeze Out, e Offeror having obtained all regulatory consents or approvals required for undertaking the offer, including any consents or approval required from the UAE Securities and Commodities Authority and the Dubai Financial Market. The Board of DAMAC has appointed a committee of independent directors to assess the offer. As of June 21, 2021, the acquisition procedure is postponed. As of September 23, 2021, the Securities and Commodities Authority has granted its approval for the continuation of the offer process. As on September 30, 2021, DAMAC Board will hold Independent Board Committee meeting on October 5, 2021. As on October 5, 2021, the transaction was resolved by the Independent Committee of the Board of Directors of DAMAC. As on October 28, 2021, the revised terms and the offer price is AED 1.4 per share. The offer commences on October 29, 2021 and closes on November 25, 2021. The cash consideration payable under the Offer will be financed through financial resources available to the Offeror. The Offeror has received credit approvals from international lending banks, in addition to a confirmation from an entity registered in the UAE and licensed by SCA indicating that the Offeror has the necessary financial resources to implement the full cash consideration of the Offer. The revised offer is subject to Receipt of the Requisite Acceptances, The Offeror having obtained all regulatory consents or approvals required for undertaking the Offer, including any consents or approval required from SCA and the DFM and No Material Adverse Effect having occurred prior to the Unconditional Date. Therefore, the Board have unanimously recommended to Damac?s shareholders to accept the Offer Al Tamimi & Company acted as legal advisor to the board of Damac. Freshfields Bruckhaus Deringer LLP acted as legal advisor to Hussain Ali Habib Sajwani. Arqaam Securities acted as financial advisor to the board of Damac