Dubai – Mubasher: Emaar Malls has submitted an $800 million big to acquire Dubai-based online retailer Souq.com, according to a bourse statement released Monday.
The bid has not been accepted by Souq.com's shareholders yet, the shopping mall division of Emaar Properties said.
In the event that the bid is approved by Souq.com, the impact on Emaar Malls’ profits during the quarter in which the acquisition will be completed and during 2017 will not be material.
Souq.com currently has a 78% market share of the total purchases in the MENA region.
Emaar Malls' statement follows media reports that the company was challenging Amazon.com's bid to purchase the online retailer.
Worth noting, Emaar Properties' chairman Mohamed Al Abbar has an online investment company named Noon.com, in which a variety of investors including Saudi Arabia's Public Investments Fund (PIF) has a stake.
Earlier this month, US-based Amazon.com made an offer to acquire Dubai-based Souq.com for $580 million.
