- Dubai real estate developer Emaar plans to sell its fashion e-commerce platform Namshi to Noon for $335.2 million.
- Emaar, which is listed on the Dubai Financial Market, has stated that its board of directors has approved in principle the sale of Namshi, subject to approval by Noon’s board of directors..
- Founder and Chairman of Emaar “Mohamed Alabbar”, Noon in 2017, with the help of the Public Investment Fund of Saudi Arabia. Emaar first bought a 51% stake in Namshi for $151 million in 2017 from Rocket Internetand later acquired the remaining stake for $129.5 million.
Source: Asharq Business
The Board of Directors of Emaar Properties approved” (Emaar) Initially, the UAE government agreed to sell Namshi(Namshi) To the company “Noon”” (Noon) In the event that Noon’s board of directors approves the deal.
In a statement issued by “Emaar” through the electronic disclosure system in the Dubai Financial Market, the company said that the sale transaction to be completed is for the benefit of a related party to the company, noting that the relevant board member “did not participate or vote in the meeting,” as stated in the statement..
The transaction is valued at $335.2 million, and is within the range determined by an independent evaluator accredited by the UAE Securities and Commodities Authority. This cash consideration represents the value of “Namshi” shares following deducting its debts and the required regular operating capital from the value of the enterprise, which amounts to 350 million dollars..
According to Emaar’s statement; They will receive the total value of the sale price as a cash consideration.
Founded in Dubai in 2011, Namshi is an online shopping platform in the Middle East. Emaar Malls, the owner of a number of major shopping malls in Dubai in 2019, fully acquired Namshi by buying 49% of the e-commerce company’s shares from Global Fashion Group in a deal worth $129.5 million, following it had previously bought 51 % of Namshi from the same company in 2017, amounting to $151 million.
