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Asharq Al-Awsat
Asharq Al-Awsat
Business
Dubai- Asharq Al-Awsat

UAE’s Emaar, Noon Conclude Share Purchase Agreement Worth $335Mln

Emaar Noon Asharq AlAwsat
Noon looks forward to continuing the development process of Namshi. (Asharq Al-Awsat)

UAE’s Emaar Malls Management, a wholly-owned subsidiary of Emaar Properties, and Noon AD Holdings announced Thursday that they have entered into definitive documentation for Emaar Malls to sell the entire share capital of Namshi Holding Limited to Noon for a total cash consideration of AED1.23 billion ($335.2 million).

According to a statement of which Asharq Al-Awsat obtained a copy, the consideration represents an excess of AED127 million on the total investment by Emaar Malls in Namshi including purchase consideration and subsequent investment.

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