Emaar Malls Group (EMG) confirmed that it had submitted a bid for USD800mn to acquire Souq.com, in line with its strategy to align e-commerce with physical shopping. The bid has not yet been accepted by the shareholders of Souq.com. If the bid is approved, the impact on EMG’s profit for the quarter and the year of the acquisition will not be material, in management’s view.
Emaar Malls Group (DU): AED2.54 as of 26 Mar. 2017, Rating: Buy, TP: AED3.13/share, MCap: USD9,007mn, EMAARMLS UH/EMAA.DU