U.A.E. Tech Startup IMENA Seeking $100 Million in Stake Sale - Bloomberg Business:
"United Arab Emirates-based Internet business iMENA Holdings will raise $100 million through a stake sale in May and plans to sell shares to the public in 2017, according to founder and managing director Khaldoon Tabaza.
The company, whose classified ad websites have been used to sell a $1.9 million camel in Saudi Arabia and personal effects of deposed Libyan leader Muammar Qaddafi, is raising funds for expansion in North Africa, Tabaza said from Dubai. The fundraising involves the sale of a “significant minority stake” in iMENA to international investors, he said.
IMENA, whose early investors include Abu Dhabi government controlled telecom operator Etisalat, is among companies seeking to benefit from the high penetration of smartphones and Internet usage in the Middle East. Dubai-based online retailer Souq.com is seeking $300 million in a fundraising that would value the company at more than $1 billion, people with knowledge of the matter said earlier this month."
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