Damac looks to list shares on Dubai bourse

DUBAI, Aug 3 (Reuters): Dubai luxury property developer Damac is offering investors the option of converting its global depositary receipts (GDRs), listed on the London bourse, into ordinary shares that would be listed on Dubai's main stock market.

Investors would get around 23.08 shares per GDR. They have until September 2 to decide on the offer, the developer said in a statement to the London bourse on last Wednesday.

No new shares would be listed and executive chairman Hussain Sajwani would continue to hold 85 per cent of the company.

"Those investors who choose not to participate in the offer will continue to hold their GDRs, which will remain traded on the London Stock Exchange," Sajwani said in the statement. The offer is conditional on the Dubai bourse approving the conversion.