MGF, Emaar JV acquires 61 pc stake in RSH

New Delhi, Apr 18 (UNI) Country's leading real estate developer MGF group and Dubai-based Emaar Properties today acquired a majority stake in Singapore-based RSH Ltd through their joint venture company Golden Ace Pte Ltd.

The JV company acquired 61.3 per cent stake in RSH Ltd which also included 42.5 per cent of undertakings secured at the beginning of the offer.

Together with RSH shares already owned or controlled by parties acting in concert with it, Golden Ace now controls 87.3 per cent of RSH, a statement issued said.

''We are excited to embark on our plans to expand into the retail segment following the acquisition of RSH. Asia, West Asia and North African region are witnessing a retail revolution, and this move marks our entry into the niche segment of fashion and lifestyle, wherein we aim to address the needs of the evolved and discerning customer,'' MGF Group Director Siddharth Gupta said.

''We will review the RSH's current operations, strategies and future plans, which will take into account the combined strengths of RSH, Emaar Properties and MGF retail. The results of the review will be disclosed when the details are finalised,'' Mr Gupta added.

Emaar Retail, a wholly-owned arm of Emaar Properties, holds 30 per cent in the Golden Ace Pte Ltd while the rest 70 per cent is held by Golden Focus Pte Ltd, wholly-owned subsidiary of MGF Retail Private Ltd, a part of MGF Group.

RSH, a leading pan-Asian marketer, distributor and retailer of sports, golf, active lifestyle and fashion products is listed on the Main Board of the Singapore Exchange Securities Trading Limited.

UNI