{"id":90529,"date":"2024-03-28T00:00:00","date_gmt":"2024-03-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ras-al-khaimah-government-is-now-rak-properties-biggest-shareholder\/"},"modified":"2024-03-28T00:00:00","modified_gmt":"2024-03-28T00:00:00","slug":"ras-al-khaimah-government-is-now-rak-properties-biggest-shareholder","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/28\/ras-al-khaimah-government-is-now-rak-properties-biggest-shareholder\/","title":{"rendered":"Ras Al Khaimah government is now RAK Properties\u2019 biggest shareholder"},"content":{"rendered":"

The Ras Al Khaimah government has upped its stake in RAK Properties to 34%<\/strong>, up from 5% previously, through a capital increase, according to a disclosure (pdf)<\/a>. The government became the developer\u2019s single biggest shareholder after RAK Properties\u2019 general assembly greenlit a capital increase that would issue 920 mn new shares, pending the approval of the Securities and Commodities Authority.<\/p>\n

Other shareholders: <\/strong>Al Saqr United Group owns an 8.94% stake in the company, while the remaining shares are in freefloat, according to its website<\/a>.<\/p>\n

ALSO- RAK Properties approved a dividend payout of AED 60 mn for 2023<\/strong>, equating to 3 fils per share. Shareholders also get 4% bonus shares, valued at AED 80 mn. <\/p>\n

\n

OTHER M&A NEWS-<\/p>\n

Waha Capital calls off Peninsula warehouse sale:<\/strong> ADX-listed investment management company Waha Capital<\/a> has terminated the sale of 17 warehouses between the firm\u2019s subsidiary Waha Land and Abu Dhabi-based property investment firm Peninsula Real Estate Management<\/a>, according to an ADX disclosure (pdf)<\/a>. The company did not provide details on the reasons behind the termination. <\/p>\n

Background: <\/strong>In August 2022<\/a>, 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.<\/p>\n

\n

\n

Invictus greenlights offer for Graderco stake:<\/strong> The board of Ghitha\u2019s trading arm, Invictus Investment, signed off on presenting a binding offer to acquire a stake<\/a> of up to 60% of Zalar Holding\u2019s stake in Moroccan agriculture trader Graderco, along with all its subsidiaries, according to an ADX disclosure (pdf)<\/a>. Invictus had first announced plans to acquire the company in February as part of its push into North and East Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government upped its stake to 34%, up from a previous 5%<\/p>\n","protected":false},"author":1,"featured_media":90530,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[7,1107,60,607,534,98,1071],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-invictus","tag-ma-watch","tag-rak-properties","tag-ras-al-khaimah","tag-real-estate","tag-waha-capital","wpautop","entry"],"acf":{"mongo_id":"9da8f06e-74ba-458f-a54b-c6e3ae218132","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2477.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ras Al Khaimah government is now RAK Properties\u2019 biggest shareholder","related_issue":[90525],"teaser":"The government upped its stake to 34%, up from a previous 5%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.b61918b5-44d5-4d76-8faf-da1f9a228ec7.mp3"},"yoast_head":"\nRas Al Khaimah government is now RAK Properties\u2019 biggest shareholder - 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