DAMAC in GDR conversion offer

DAMAC in GDR conversion offer

Published: July 31, 2014

Dubai property developer offers chance to convert London GDRs into Dubai shares. 

DAMAC, the Dubai-based luxury property developer, has offered investors the option to convert their London-listed global depository receipts (GDR) into ordinary shares on the Dubai Financial Market, the company said in a statement to the London Stock Exchange.

Each GDR would be worth 23.08 shares. No new shares will be listed and executive chairman Hussain Sajwani would continue to hold 85% of the company. Shareholders have until September 2 to make a decision.

Strong uptake would be a boon for Dubai Financial Market, which after five years of low activity has seen a resurgence of interest in initial public offerings. Retail group Marka is planning to list in September, with EMAAR Properties also looking to issue shares on the exchange later this year.