Damac chairman ready to sell 15% stakes

January 17, 2018

undefinedundefinedHussain Sajwani is “more than happy” to sell as much as 15% of his majority stake in Damac Properties to boost the trading in its shares.

The founder of Damac Properties Dubai Co. told Bloomberg that he sees big potential in the company and wants to stay majority shareholder.

“As an owner who built the company with all the effort and hard work, I am not willing to sell it when I see my stock is undervalued.”

Sajwani founded the company in 2002 and currently owns 72%.

Damac shares have climbed 32% over the past 12 months, beating Dubai’s real-estate stock index, the report said.

Sales are forecast to grow about 7% in 2017, noted Sajwani, whose net worth is $5.23bn according to Bloomberg’s Billionaires Index.

The company is looking towards expansion in global markets, eyeing cities like Berlin, Istanbul and London.

The billionaire feels that UK’s planned exit from the European Union is offering a possibility to expand.


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