Damac Properties is weighing buying out minority shareholders and taking the $1.1 billion Dubai-listed company private, a Reuters report said quoting three sources familiar with the talks.

 

Damac Chairman Hussain Sajwani, who founded the company nearly two decades ago, has been exploring the deal since late 2019 after Damac’s share price plunged over the past two years, Retuers said.

 

Sajwani, who through his private investment company bought Italian fashion house Roberto Cavalli last year, currently owns 72.2% of Damac, according to Refinitiv data. He is in talks with banks to finance the deal, the same source added.

 

Dmanc owns the only Trump-branded golf club in the Middle East.

 

Reuters said Damac did not respond to emailed requests for comment.