Dubai: Damac Properties has confirmed Farooq Arjomand, as the new Chairman with immediate effect, as Hussain Sajwani stepped down from the role. Arjomand had been Vice-Chairman at Damac.
It was last week that Sajwani confirmed he was stepping down from the chairman’s job, given the probable conflict of interest associated with his speculation organization purchasing up the 27% stake held by outsiders in Damac. Sajwani’s Maple Invest has officially made its pitch for the takeover to the Damac Board of Directors.
Sajwani would not like to head the Board that was to make a choice on the Maple offer. (He owns 100% of Maple Invest, which is enlisted in the British Virgin Islands.) There was some discussion in the market that he may in any case pick as the new chairperson from within the family.
Who is Farooq Arjomand?
A banker by profession and standing, Arjomand was one of the founding members of the board at the Dubai mortgage services supplier Amlak Finance. He at present heads the Arjomand Group, which has enhanced business interests. He began his career at HSBC in 1984 and proceeded to go through a further 17 years.
What next for Damac and Sajwani?
Damac has confirmed the appointment of an independent committee of its Board of Directors to review and evaluate the Maple offer, which costs each exceptional offer at Dh1.3. Maple has already clarified that this cost is final.
The Board of Directors also supported Al Tamimi and Company as legal advisor, while KPMG Lower Gulf Ltd. as the valuer to Damac. Arqaam Capital Ltd. will be the financial advisor to Damac to assess the proposal from Maple.