Emaar, MGF buy Singapore company
[ 19 Apr, 2007 0138hrs ISTAGENCIES ]
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MUMBAI: Dubai-based real estate major Emaar Properties and India's MGF group on Wednesday acquired majority stake in Singapore-based RSH Ltd in a deal valued at Sg $227 million (about Rs 630 crore).
The acquisition was done by Golden Ace Pte Ltd, a joint venture of the two companies. It got 61.3% shares at the close of the conditional cash offer, taking its total control in RSH to 87.3%. This includes 42.5% of undertakings it had secured at the beginning of the offer.
MGF group director Siddharth Gupta said "Asia and Middle-East-North African region today is witnessing a retail revolution and this move marks our entry into niche segment of fashion and lifestyle, wherein we aim to address the needs of evolved and discerning customer."
"We will be reviewing RSH's current operations, strategies and future plans, which will take into account the combined strengths of RSH, Emaar Properties and MGF Retail," he said.
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