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    EMIRATESNBD   AEE000801010

EMIRATES NBD BANK PJSC

(EMIRATESNBD)
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Dubai's Emaar hires Emirates NBD for sale of e-commerce business Namshi - sources

09/12/2021 | 11:28am EST

DUBAI, Sept 12 (Reuters) - Dubai's Emaar has picked Emirates NBD to advise it on the sale of fashion e-commerce business Namshi, sources said.

Emaar Malls, the retail arm of Dubai's biggest developer, Emaar Properties, bought a 51% stake in Namshi from Global Fashion Group for $151 million in 2017 and the remaining 49% in 2019 for about $130 million.

Emaar is now weighing options to sell the business either through an outright sale or through a listing abroad via a special purpose acquisition vehicle (SPAC), sources told Reuters last month.

Dubai's biggest lender Emirates NBD has been picked to advise Emaar on the transaction, two sources familiar with the matter said.

Emirates NBD and Emaar declined to comment.

An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a SPAC could be more lucrative, a source told Reuters last month.

A SPAC raises money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly than via a traditional initial public offering. (Reporting by Davide Barbuscia and Saeed Azhar. Editing by Jane Merriman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EMAAR PROPERTIES PJSC 0.42% 4.8 End-of-day quote.-1.84%
EMIRATES NBD BANK PJSC 1.48% 13.7 End-of-day quote.1.11%
GLOBAL FASHION GROUP S.A. -0.15% 3.912 Delayed Quote.-11.88%
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Analyst Recommendations on EMIRATES NBD BANK PJSC
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Financials
Sales 2022 23 756 M 6 468 M 6 468 M
Net income 2022 10 243 M 2 789 M 2 789 M
Net Debt 2022 - - -
P/E ratio 2022 8,70x
Yield 2022 3,79%
Capitalization 86 537 M 23 560 M 23 563 M
Capi. / Sales 2022 3,64x
Capi. / Sales 2023 3,41x
Nbr of Employees 0
Free-Float 38,9%
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Technical analysis trends EMIRATES NBD BANK PJSC
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TrendsNeutralNeutralBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 13
Last Close Price 13,70 AED
Average target price 16,53 AED
Spread / Average Target 20,7%
EPS Revisions
Managers and Directors
Shayne Kieth Nelson Group Chief Executive Officer
Patrick Sullivan Chief Financial Officer
Ahmed bin Saeed Al-Maktoum Chairman
Abdulla Abdulrahman Qassem Group Chief Operating Officer
Hussain Hassan Mirza Al-Sayegh Director
Sector and Competitors