Emaar Dubai is considering the sale of fashion e-commerce company Namshi, which could include an offshore listing via SPAC.
According to Reuters, a direct sale to Namshi could generate $600 million to $700 million in revenue, while the listing is through a special purpose acquisition company, a source said. (SPAC) may be more profitable.
Emaar, which declined to comment, has contacted some banks for potential advice on the deal, according to Reuters and seen by Al Arabiya.net, the sources said. p>
Emaar Malls, the retail arm of Emaar Properties, bought a 51% stake in Namshi from global fashion conglomerate for $151 million in 2017, shortly after buying the company Amazon for Dubai e-commerce site Souq.com.
and bought the remaining 49% in 2019 for $130 million.
Namshi achieved revenues of 685 million dirhams (187 million dollars) in the first half of the year, up from 664 million dirhams in the same period a year earlier.
SPEs raise funds to acquire a private company for the purpose of going public, allowing it to be listed more quickly in stock markets, compared to a traditional IPO.< /p>
The Abu Dhabi-based music streaming app Anghami, Spotify's competitor in the Middle East, said in March that it would become the first Arab tech company to list on Nasdaq after Agreeing to merge with SPAC.
