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.
