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Dubai's largest property developer Emaar plans to sell its online fashion platform Namshi to e-commerce company Noon for $335.2m.
Emaar's board has approved the sale of Namshi, but it remains to await the decision of Noon's board. Emaar will receive the equity value as a cash consideration for the sale.
Emaar's statement to the DFM said:
The above cash consideration is the equity value of Namshi, which is equivalent to $350m of the company's enterprise value. This is adjusted for debt at the company level and normalised working capital required.
Namshi is the second-largest e-commerce company in the UAE with net sales of $249m. First place goes to Amazon, which has net sales of $500 million. Noon, backed by Emaar founder Mohamed Alabbar and Saudi Arabia’s Public Investment Fund, is third with $169 million.
Emaar bought 51 per cent of Namshi for $151m in 2017 from Rocket Internet's Global Fashion Group, and it later acquired the remaining stake for $129.5m.
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