Emaar Properties says it is selling fashion e-commerce venture Namshi to Noon for $335.2m
Dubai's Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF). Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2m, as a divestment to a related party. Emaar was founded by Mohamed Alabbar and is the company's managing director. Emaar bought Namshi for a total of $281m after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019. Emaar said the selling price was within the range which was defined by an independent valuer approved by the United Arab Emirates' market regulator, the Securities and Commodities Authority.
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