Dubai – MENA Herald: Based on the approval of the Securities and Commodities Authority (SCA), Dubai Financial Market (DFM) would like to notify its valued investors that trading on the shares of Dubai Development Company “PJSC” will be resumed as of Thursday, November 19, 2015 trading session. This step follows the completion of an acquisition process that enabled a group of investors represented by Al Ramz Capital “LLC”, to acquire 8,242,025 shares (about 82.4% of the total capital) of the Dubai Development Company of AED 10 million divided into 10 million shares.
The acquisition transaction has been completed on Monday, November 2, 2015 at a net price of 4.55 dirhams per share, excluding any commissions, with an increase of 237% from the book value per share. The deal was implemented through the Clearing Department of DFM (Outside the trading floor).
It is noteworthy that the acquisition price of AED 4.55 per share will be applied as the opening price of DDC shares and the fluctuation band of 15% up and 10% down will be applied on the share as per DFM rules in effect.
The buyout offer submitted by a group of investors represented by Al Ramz Capital “LLC” to the shareholders of the Dubai Development Company “PJSC” has ended on Thursday, October 29, 2015.