AGL 38.75 Increased By ▲ 0.05 (0.13%)
AIRLINK 137.10 Decreased By ▼ -0.78 (-0.57%)
BOP 5.37 Decreased By ▼ -0.06 (-1.1%)
CNERGY 3.87 Increased By ▲ 0.09 (2.38%)
DCL 8.09 Increased By ▲ 0.35 (4.52%)
DFML 45.74 Increased By ▲ 0.12 (0.26%)
DGKC 83.30 Increased By ▲ 2.80 (3.48%)
FCCL 30.27 Increased By ▲ 0.72 (2.44%)
FFBL 57.60 Increased By ▲ 1.80 (3.23%)
FFL 9.14 Increased By ▲ 0.05 (0.55%)
HUBC 106.85 Increased By ▲ 1.25 (1.18%)
HUMNL 14.30 Increased By ▲ 0.25 (1.78%)
KEL 4.68 Increased By ▲ 0.38 (8.84%)
KOSM 7.98 Decreased By ▼ -0.25 (-3.04%)
MLCF 38.93 Increased By ▲ 0.95 (2.5%)
NBP 67.60 Decreased By ▼ -1.63 (-2.35%)
OGDC 168.99 Increased By ▲ 1.99 (1.19%)
PAEL 25.38 Increased By ▲ 0.18 (0.71%)
PIBTL 5.94 Decreased By ▼ -0.84 (-12.39%)
PPL 131.00 Increased By ▲ 0.65 (0.5%)
PRL 23.76 No Change ▼ 0.00 (0%)
PTC 15.75 Increased By ▲ 0.05 (0.32%)
SEARL 64.75 Increased By ▲ 3.27 (5.32%)
TELE 7.40 Increased By ▲ 0.36 (5.11%)
TOMCL 36.09 Decreased By ▼ -0.01 (-0.03%)
TPLP 7.86 Increased By ▲ 0.05 (0.64%)
TREET 14.93 Decreased By ▼ -0.22 (-1.45%)
TRG 45.25 Increased By ▲ 0.36 (0.8%)
UNITY 25.83 Increased By ▲ 0.32 (1.25%)
WTL 1.29 Increased By ▲ 0.02 (1.57%)
BR100 9,347 Increased By 123.7 (1.34%)
BR30 28,113 Increased By 346.6 (1.25%)
KSE100 87,195 Increased By 728 (0.84%)
KSE30 27,397 Increased By 234 (0.86%)

DUBAI: Dubai’s Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF).

Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.

Emaar was founded by Mohamed Alabbar and is the company’s managing director.

Emaar is known for building the world’s tallest tower, the Burj Khalifa, and other iconic parts of Dubai. It bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.

Emaar said the price was within the range which was defined by an independent valuer approved by the United Arab Emirates’ market regulator, the Securities and Commodities Authority.

Reuters reported in August 2021 the developer was considering options to sell Namshi.

Comments

Comments are closed.