Dubai property developer Emaar has agreed to sell its fashion platform Namshi to e-commerce firm Noon for $335.2 million.
Emaar's Board of Directors "has in principle approved the sale of Namshi to Noon" and it will be "subject to the approval of Noon Board of Directors", a statement to the Dubai Financial Market read.
"Detailed information will be disclosed once the approvals of Noon Board is received formally," the statement added.
"The planned divestment is with a related party to the Company noting the concerned board member did not participate or vote in the meeting.
"This is adjusted for the debt at the company level and the normalized working capital required for the company. Emaar will receive the equity value as the cash consideration for the sale.
"The above cash consideration is the equity value of Namshi which is equivalent to $350,000,000 of Enterprise Value of the company. This is adjusted for the debt at the company level and the normalized working capital required for the company."