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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 | 10:33am EDT

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 declined to comment and Emaar did not immediately 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 MALLS PJSC 0.00% 2 End-of-day quote.9.29%
EMAAR PROPERTIES PJSC 1.00% 4.05 End-of-day quote.14.73%
EMIRATES NBD BANK PJSC 0.72% 13.9 End-of-day quote.34.95%
GLOBAL FASHION GROUP S.A. 0.67% 8.215 Delayed Quote.-16.04%
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Analyst Recommendations on EMIRATES NBD BANK PJSC
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Financials
Sales 2021 22 847 M 6 221 M 6 221 M
Net income 2021 8 832 M 2 405 M 2 405 M
Net Debt 2021 - - -
P/E ratio 2021 10,3x
Yield 2021 3,05%
Capitalization 87 800 M 23 903 M 23 906 M
Capi. / Sales 2021 3,84x
Capi. / Sales 2022 3,65x
Nbr of Employees 0
Free-Float 38,9%
Chart EMIRATES NBD BANK PJSC
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Emirates NBD Bank PJSC Technical Analysis Chart | EMIRATESNBD | AEE000801010 | MarketScreener
Technical analysis trends EMIRATES NBD BANK PJSC
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Last Close Price 13,90 AED
Average target price 15,83 AED
Spread / Average Target 13,9%
EPS Revisions
Managers and Directors
Shayne Kieth Nelson Group Chief Executive Officer
Patrick Sullivan Chief Financial Officer
Ahmed bin Saeed Al-Maktoum Chairman
Rio Tinto Miguel Chief Information Officer
Abdulla Abdulrahman Qassem Group Chief Operating Officer
Sector and Competitors