[ad_1]
Emaar Malls Management and Noon AD Holdings, a wholly-owned subsidiary of Emaar Properties, have agreed that Emaar Malls will sell the entire share capital of Namshi Holding until noon for AED 1.23 billion ($335.2 million).
The consideration compares to Emaar Malls’ total investment in Namshi (including the purchase consideration and subsequent investments) of over AED127 million.
The transaction is in line with Emaar’s strategy to create and maintain value for its shareholders by divesting core assets that are not part of the main business. Proceeds from the transaction will be invested by Emaar in its core property development business, in line with Emaar’s strategy to redeploy capital across the group, focusing on investments in businesses with core strategic value.
The transaction is expected to close within the next six months, subject to various conditions, including final regulatory approval and approval from Emaar’s shareholders.
“We are proud to be a part of Namshi’s journey and believe that Namshi will reach greater heights and success under noon’s ownership. Funds generated by divesting Emaar’s non-core assets Namshi will be used in Emaar’s core focus areas to create Shareholder value. In addition, the sale of Namshi at a price above its purchase price creates additional value for Emaar shareholders,” said a spokesman for Emaar, the parent company of Emaar Malls Management.
A spokesperson at Noon commented: “Namshi’s success and ambitions are well-documented. The brand has grown from a start-up to a well-loved brand competing locally with larger international fashion and beauty companies. E-commerce. They’ve kept “their leadership. Most of their stories are similar to those of Noon. We are excited to help them take their growth and success to the next level. “
Emirates NBD Capital Limited and Linklaters LLP advised Emaar Malls on this transaction as financial and legal advisors, respectively. Credit Suisse and Clyde & Co LLP advised on the transaction as financial and legal advisors, respectively. – arab trade news agency
[ad_2]
Source link