Emaar Malls Management LLC enters into a Definitive Share Purchase Agreement with noon to divest 100% stake in Namshi Holding Limited

Dubai, UAE; August 25, 2022: Emaar Malls Management LLC (“Emaar Malls”), a wholly-owned subsidiary of Emaar Properties PJSC (“Emaar”) and Noon AD Holdings Ltd (“noon”) announced today that they have entered into definitive documentation for Emaar Malls to sell the entire share capital of Namshi Holding Limited (“Namshi”) to noon for a total cash consideration of AED 1.23 billion (US$ 335.2 million). The consideration represents an excess of AED 127 million on the total investment by Emaar Malls in Namshi including purchase consideration and subsequent investment.

The transaction is in line with Emaar’s strategy to divest assets that are not core to its primary business so as to create and sustain value for its shareholders. Proceeds from the transaction will be invested by Emaar into its core real estate development business in line with Emaar’s strategy to redeploy capital across the group with a focus on investing in businesses that are of core strategic value.

The transaction is expected to close in the next 6 months, subject to meeting various conditions, including inter alia, final regulatory approvals and approval from Emaar’s shareholders.

“We are proud to have been part of Namshi’s journey and are confident that Namshi will reach greater heights and success under noon’s ownership. The capital generated through the divestment of Namshi, a non-core asset for Emaar, would be deployed in core focus areas of Emaar to generate shareholder value. Further, the sale of Namshi at a premium to its purchase price generates additional value for Emaar shareholders”, said a spokesperson for Emaar, the parent company of Emaar Malls Management.

A spokesperson for noon commented: “Namshi’s success and ambition are well-documented. The brand has evolved from a start-up to a beloved one, competing for local e-commerce with much larger international fashion and beauty players. And they’ve kept their lead. Much of their story is similar to noon’s. And we’re thrilled to be able to assist them in taking their growth and success to the next level.”

Emirates NBD Capital Limited and Linklaters LLP advised Emaar Malls on the Transaction as financial and legal advisors, respectively. Credit Suisse and Clyde & Co LLP advised noon on the transaction as financial and legal advisors, respectively.