Dubai – Mubasher: Damac Properties chairman Hussein Sajwani has unveiled plans to sell 15% of his 72% majority stake in the company, in a bid to push up the company’s stock on the Dubai Financial Market (DFM), according to Arabian Business.
Sajwani stated that he could not sell its company’s shares as long as they are “undervalued”; however, he did not clarify his views regarding the fair price of Damac’s stock, Arabian Business reported.
“For me, liquidity in the stock is important. At the same time, I love what I do and I see big potential in the company and I want to stay majority shareholder,” Sajwani commented.
The Dubai-based company did not hire any advisors to manage the potential deal, the business magazine reported, citing the company's chairman as saying.
“Sales are forecast to grow about 7% in 2017,” Sajwani concluded.
