Dubai based online retailer Souq.com is planning to sell a stake of about 30% in the company, which would value it at USD1.2bn. Souq has appointed an international investment bank to find buyers for the stake. Existing investors in the company Tiger Global Management and South Africa’s Naspers are open to selling part of their holdings in the transaction. Established in 2005, Souq.com sells more than 400,000 products online to customers in the United Arab Emirates, Egypt, Kuwait and Saudi Arabia. (Bloomberg)
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