Emaar Properties’ board approves sale of Namshi to Noon for AED 1.23 bln

19/08/2022 Argaam
Logo of Emaar Properties

Logo of Emaar Properties

Emaar Properties’ board of directors in principle approved on Aug. 19 the sale of Namshi to Noon for a cash consideration of $335.2 million (AED 1.23 billion).

 

The price is within the range which has been defined by an independent valuer, Emaar said in a statement to Dubai Financial Market (DFM).

 

The cash consideration is the equity value of Namshi which is equivalent to $350 million of enterprise value of the company. Accordinglt, Emaar will receive the equity value as the cash consideration for the sale.

 

In May 2017, Emaar Malls acquired a 51% stake in e-commerce fashion platform Namshi for $151 million (AED 554 million) from Global Fashion Group (GFG). It bought the remaining 49% interest I February 2019 for $129.5 million (AED 475.5 million), bringing the total acquisition value to AED 1.030 billion.

 

Noon is 50% owned by the Public Investment Fund (PIF), while the remaining stake is owned by Mohamed Alabbar.

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