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The Ras Al Khaimah government has upped its stake in RAK Properties to 34%, up from 5% previously, through a capital increase, according to a disclosure (pdf). The government became the developer’s single biggest shareholder after RAK Properties’ general assembly greenlit a capital increase that would issue 920 mn new shares, pending the approval of the Securities and Commodities Authority.
Other shareholders: Al Saqr United Group owns an 8.94% stake in the company, while the remaining shares are in freefloat, according to its website.
ALSO- RAK Properties approved a dividend payout of AED 60 mn for 2023, equating to 3 fils per share. Shareholders also get 4% bonus shares, valued at AED 80 mn.
OTHER M&A NEWS-
Waha Capital calls off Peninsula warehouse sale: ADX-listed investment management company Waha Capital has terminated the sale of 17 warehouses between the firm’s subsidiary Waha Land and Abu Dhabi-based property investment firm Peninsula Real Estate Management, according to an ADX disclosure (pdf). The company did not provide details on the reasons behind the termination.
Background: In August 2022, Waha Capital agreed to sell Peninsula 17 leased warehouses at Al Markaz Industrial Development for AED 555 mn in an all-cash transaction. The agreement also included the sale of 136k sqm of completed industrial properties that Waha Land was developing at the time.
Invictus greenlights offer for Graderco stake: The board of Ghitha’s trading arm, Invictus Investment, signed off on presenting a binding offer to acquire a stake of up to 60% of Zalar Holding’s stake in Moroccan agriculture trader Graderco, along with all its subsidiaries, according to an ADX disclosure (pdf). Invictus had first announced plans to acquire the company in February as part of its push into North and East Africa.
