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Emaar selects Emirates NBD as advisor to sell Namshi

Emaar selects Emirates NBD as advisor to sell Namshi
Emaar is considering a number of options to sell Namshi
Emirates NBD
EMIRATESNBD
0.29% 17.30 0.05
Emaar Malls
EMAARMALLS
7.88% 2.60 0.19
Emaar
EMAAR
0.00% 8.19 0.00

Dubai – Mubasher: Emaar Properties has selected Emirates NBD as its advisor to sell the fashion e-commerce business Namshi, sources told Reuters.

Emaar is considering a number of options to sell Namshi, including a listing abroad through a special purpose acquisition company (SPAC).

Emaar Malls, the retail arm of Emaar Properties, acquired a 51% stake in Namshi from Global Fashion Group for $151 million in 2017 and the remaining 49% stake for around $130 million in 2019.

Noteworthy to mention, in early September, one of the sources told Reuters that the sale of Namshi could generate proceeds from $600 million to $700 million, while a listing through a SPAC could be more profitable.