DUBAI: Emaar Malls, a leading owner and operator of shopping malls, has confirmed its bid of $800 million for e-commerce firm Souq.com, in a statement posted on the Dubai Financial Markets.
Clarifying media reports, Ahmad Thani Al Matrooshi, Vice-Chairman of Emaar Malls said in the statement that the company had made the offer in line with its strategy to combine e-commerce with physical shopping.
Al Matrooshi noted that the bid had not yet been accepted by the shareholders of Souq.com.
In the statement, he added that if the offer was approved, the impact on Emaar Malls’ profit for the quarter in which the acquisition was completed, and for 2017 as a whole, would “not be material.”
The move follows a $600 million bid from Amazon, the US e-commerce giant, a deal which looked to have fallen through in January.
