Alabbar Enterprises, controlled by Dubai businessman Mohammed Alabbar, will take a 4 percent stake in Yoox Net-A-Porter (YNAP) after buying into a 100-million euro ($113 million) reserved capital increase at the online fashion retailer.
New shares sold in the capital increase have been priced at 28 euros per share, a premium of 5.7 percent to YNAP's closing price on April 18, the Italian group said.
Alabbar Enterprises will help the group expand in the Middle East.
The 100-million euro size of the capital increase is below a maximum amount of 200 million euros that had been approved by YNAP's shareholders last year. The group said this was due to the fact that its financial needs were lower than initially estimated.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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