Dubai’s real estate developer Emaar Properties plans to sale its fashion platform Namshi to e-commerce company Noon for a cash consideration equity value of $335.2mn following its board approval on 19 August. DFM (Dubai Financial Market) has suspended trading on Emaar shares until clarifications are received from the company about the results of its board meeting. In response, Emaar issued a statement noting that the board of directors will convene on 24 August 2022 regarding the above. Anurag Chaturvedi, Chairman ICAI Dubai, and CEO of Andersen UAE said, “The Namshi and Noon transaction brings efficiencies across both the ends and fosters significant positive impact on Noon to become largest ecommerce and marketplace in region. While Emaar being the leading real estate conglomerate will reap in liquidity to boost its diversification in real estate portfolio. This move brings positive liquidity to Emaar to invest in the growth driven GDP of UAE with focus on real estate.” The Namshi platform has an enterprise value of $350mn after adjusting for debt and normalized working capital at the company level.
Emaar’s 3.7% 2031s traded higher 0.12 points to 95.72 to yield 4.29%.
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