Dubai – Mubasher: Emaar Properties is considering a number of options to sell fashion e-commerce business Namshi, including a listing abroad through a special purpose acquisition company (SPAC), three sources told Reuters.
One of the sources referred that the sale of Namshi could generate proceeds from $600 million to $700 million, while a listing through a SPAC could be more profitable.
The sources referred that Emaar has contacted some banks for potential advice on the transaction.
In 2017, Emaar Malls purchased a 51% stake in Namshi from Global Fashion Group in exchange for $151 million and acquired the remaining 49% in 2019 for around $130 million.
