By Staff writer
Souq.com, the region's largest online retailer, has reportedly hired advisors to find buyers for the stake
Souq.com, the largest online retailer in the Middle East, is reportedly planning to sell a stake of 30 percent that would value the company at about $1.2 billion.
Bloomberg cited sources as saying that the retailer, known as the Amazon of the Middle East, has appointed advisers at Goldman Sachs Group to find buyers for the stake.
In February, Souq.com announced it had completed a funding round of more than AED1 billion ($275 million), the largest financing of an e-commerce business in the region.
Bloomberg reported that existing investors Tiger Global Management and South Africa’s Naspers Ltd are open to selling part of their holdings in the transaction.
It added that representatives for Goldman Sachs and Tiger Global declined to comment while a representative for Souq.com didn’t have an immediate comment.
Established in 2005, Souq.com sells more than 400,000 products online to customers in the UAE, Egypt, Kuwait and Saudi Arabia.
What an insult to Amazon to compare its product and service with such a low level platform as souq.com. Unbelievable.
Comparing this to 'Amazon' is a sham....and a tall order