Dubai’s Emaar hires Emirates NBD on the market of e-commerce enterprise Namshi – sources

The company emblem of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. REUTERS/ Hamad I Mohammed/Recordsdata

DUBAI, Sept 12 (Reuters) – Dubai’s Emaar (EMAR.DU) has picked Emirates NBD (ENBD.DU) to advise it on the sale of style e-commerce enterprise Namshi, sources mentioned.

Emaar Malls, the retail arm of Dubai’s largest developer, Emaar Properties, purchased a 51% stake in Namshi from World Vogue Group (GFG.DE) for $151 million in 2017 and the remaining 49% in 2019 for about $130 million.

Emaar is now weighing choices to promote the enterprise both by way of an outright sale or by way of an inventory overseas by way of a particular objective acquisition car (SPAC), sources advised Reuters final month. learn extra

Dubai’s largest lender Emirates NBD (ENBD.DU) has been picked to advise Emaar on the transaction, two sources accustomed to the matter mentioned.

Emirates NBD and Emaar declined to remark.

An outright sale of Namshi could generate $600 million to $700 million in proceeds, whereas an inventory by way of a SPAC could possibly be extra profitable, a supply advised Reuters final month.

A SPAC raises cash to amass a non-public agency with the aim of taking it public, permitting the goal to record extra shortly than by way of a conventional preliminary public providing.

Reporting by Davide Barbuscia and Saeed Azhar. Enhancing by Jane Merriman

Our Requirements: The Thomson Reuters Belief Ideas.

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