Reuters: Emaar appoints ENBD advisor for the electronic offer of “Namshi”

The Reuters news agency cited sources that Emaar Company in Dubai chose Emirates NBD Bank to advise it on the sale of the Namshi fashion e-commerce platform.

I bought Emaar Malls, one arm Retail of Dubai’s largest developer, Emaar Properties, holds a 51% stake in Namshi from Global Fashion GroupFor $ 151 million in 2017 and the remaining 49% share in 2019 of approximately $ 130 million.

Sources told Reuters last month that Emaar is now considering selling the company through a full sale or through an offshore listing via a special purpose acquisition company (SPAC).

Two sources familiar with the matter said Emirates NBD, Dubai’s largest lender, was chosen to advise Emaar on the deal.

Emirates NBD declined to comment and Emaar did not immediately comment, according to “Reuters”.

A source told Reuters last month that a direct sale to Namshi could generate $ 600-700 million in revenue, while a listing through SPAC could be more profitable.

SPAC raises funds for the acquisition of a private company in order to go public, allowing the target company to go public faster than a traditional IPO.

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