DUBAI, Sept 12 (Reuters) – Dubai’s Emaar has picked Emirates NBD to advise it on the sale of trend e-commerce enterprise Namshi, sources mentioned.
Emaar Malls, the retail arm of Dubai’s greatest developer, Emaar Properties, purchased a 51% stake in Namshi from International Trend Group for $151 million in 2017 and the remaining 49% in 2019 for about $130 million.
Emaar is now weighing choices to promote the enterprise both by way of an outright sale or by way of a list overseas through a particular function acquisition automobile (SPAC), sources instructed Reuters final month.
Dubai’s greatest lender Emirates NBD has been picked to advise Emaar on the transaction, two sources aware of the matter mentioned.
Emirates NBD declined to remark and Emaar didn’t instantly remark.
An outright sale of Namshi might generate $600 million to $700 million in proceeds, whereas a list by way of a SPAC may very well be extra profitable, a supply instructed Reuters final month.
A SPAC raises cash to accumulate a non-public agency with the aim of taking it public, permitting the goal to listing extra shortly than through a standard preliminary public providing. (Reporting by Davide Barbuscia and Saeed Azhar. Enhancing by Jane Merriman)