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 cash consideration of USD 335,200,000 noting that the price is within the range which has been defined by an independent valuer approved by the Securities & Commodities Authority. The above cash consideration is the equity value of Namshi which is equivalent to USD 350,000,000 of Enterprise Value of the company. This is adjusted for the debt at the company level and the normalized working capital required for the company. Emaar will receive the equity value as the cash consideration for the sale.
Emaar Properties PJSC published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 20:23:11 UTC.
Emaar Properties PJSC is a United Arab Emirates-based company engaged in property investment and development, property management services, hospitality, utility services, shopping malls and retail, as well as investing in financial service providers. The Company is organized, along with its subsidiaries, into three business segments: the Real estate segment is engaged in the development and sale of condominiums, villas, commercial units and plots of land; the Leasing and related activities segment develops, leases and manages malls, retail, commercial and residential spaces, and the Hospitality segment develops, owns and/or manages hotels, serviced apartments and leisure activities. The Companyâs subsidiaries include Emaar Malls Group LLC, Emaar Hospitality Group LLC, Emaar Properties Gayrimenkul Gelistirme Anonim Sirketi and Emaar Misr for Development SAE, among others.
EMAAR PROPERTIES 
