Emaar Properties confirmed today, Tuesday, that the value of Namshi sale deal To Noon Company, representing 15% of the capital of Emaar, and therefore the deal must be approved by the Emaar General Assembly.
Emaar added that an evaluation of the deal was carried out by “Deliot”, an independent body approved by the Securities and Commodities Authority.
Emaar also confirmed that the exit from the “Namshi” deal is in line with Emaar’s strategy to withdraw investments related to assets that are not essential to its core business, and that it intends to invest the proceeds of the deal in its core real estate development business.
Emaar indicated that the expected net profit from the Namshi sale transaction will reach 629 million dirhams, while the value of the cash consideration that will be obtained in excess of the invested amount is 127 million dirhams.