Dubai – Mubasher: The board of DAMAC Properties has approved to raise the company's stake in the share capital of Damac International Limited to 68% from 45%.
The transaction is valued at a rate of less than 5% of Damac Properties' issued capital, according to a bourse filing on Wednesday.
Damac International Limited indirectly owns 75% of the London-based Nine Elms real estate project and is conducting a resort project in the Maldives.
It is noteworthy to mention that in the 2021 preliminary financials, Damac Properties' net losses declined to AED 531 million, compared to AED 646 million in the previous year.
