The board of directors of Emaar Properties has agreed in principle to sell Namshi to Noon for $335 million.
According to Arabiya Net, Emaar's board of directors met Thursday to discuss the decision to sell the Namshi platform, but it did not announce the results of the meeting, which led to the suspension of trading in the stock on Friday by the Dubai Financial Market.
Emaar stated that the sale process will take place subject to the approval of Noon's board of directors, and that Emaar will receive the total sale price in cash if the deal is completed.
