Emaar-MGF JV to buy Singapore's RSH

Dubai, Mar 5 (UNI) Dubai-based Emaar and real estate major MGF Group, through their joint venture Golden Ace Pte Ltd, will make a 370-million-dollar bid to acquire a majority stake in Singapore-based RSH Ltd.

This move would enable it to expand retail business in the subcontinent, West and Southeast Asia, an official statement said.

Golden Ace Pte Ltd will make a 1.05 dollar per share ''voluntary conditional cash offer'' to acquire 76.076 per cent stake in RSH, a major pan-Asian marketer, distributor and retailer of sports, golf, active lifestyle and fashion products.

MGF Group Director Siddharth Gupta said fashion retail, which is a major thrust area for RSH, has huge potential in India as the branded apparel industry is still in its infancy.

Emaar Properties' Vice Chairman, Hussain Al Qemzi, said the economies of India, West and Southeast Asia are booming, and in line with the economic growth, the retail sector presents substantial growth opportunities.

RSH has a retail network encompassing more than 28 different retail concepts with more than 430 free-standing stores and 570 shop-in-shop in 12 countries.

According to estimates, the 300-billion-dollar Indian retail market is expected to reach 427 billion dollars by 2010, with the total market value touted to touch 637 billion dollars by 2015.

In West Asia, it is predicted that the region's retail industry is expected to reach 500 billion dollars by 2010.

UNI