Legal but Unkind to Minorities:
He acknowledges that the process follows legal procedures: Sajwani resigned as CEO before completing the acquisition, and trading was temporarily frozen after the announcement to prevent insider transactions. However, Makhzoumi emphasizes that while the acquisition is legal, it is not “merciful” to minority shareholders. Many small investors may have to sell their shares at the offered price (AED 1.30), even if it results in losses.
Next Steps:
The first general assembly meeting of DAMAC will decide whether the offered share price is approved and how the acquisition will proceed.
Market Context:
Makhzoumi notes that Dubai’s real estate sector has struggled due to COVID-19, with declining sales and delayed projects, which may partly explain the timing and pricing of the acquisition.
