DAMAC founder Hussain Sajwani, delays steps to go private until after regulator's review

DUBAI - The founder of DAMAC Properties has postponed efforts to take the firm private after the securities regulator of the United Arab Emirates launched a review of the transaction, the company said on Tuesday.

In a letter, Maple Invest Co, the vehicle backed by founder Hussain Sajwani, said acquisition procedures would be postponed until the Securities and Commodities Authority concluded the review.

Sajwani made a $595-million offer this month to buy out minority shareholders in DAMAC Properties, which he has run for nearly two decades.