Emaar plans Namshi sale to Noon for $335.2mln

Emaar plans Namshi sale to Noon for $335.2mln

Dubai’s top brand Emaar is ensuring its decision to sell its online fashion platform Namshi to e-commerce company Noon for $335.2 million passes seamlessly.

The real estate developer is currently sorting out regulatory queries as Dubai Financial Market (DFM) has suspended trading on the company's shares until clarifications are received about the results of its board of directors meeting.

On Saturday evening, the real estate developer issued a statement signed by Ahmad Thani Rashed Al Matrooshi, board member at Emaar, stating, “The company would like to announce that its board of directors will convene by circulation on August 22 to take a resolution in respect of the General Assembly’s date. The invitation and agenda of the assembly will be disclosed and published within the regulatory timelines, which is 21 days before the General Assembly”.

On Friday, Emaar stated in its filing to DFM that “the company would like to announce that its board of directors has in principle approved the sale of Namshi to Noon (subject to the approval of Noon board of directors). The planned divestment is with a related party to the company noting the concerned board member did not participate or vote in the meeting. The price shall be a