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| Emaar and MGF Group make offer for RSH Major global real estate group Dubai-based Emaar Properties PJSC and one of India's leading real estate developers, the MGF group led by Mr Shravan Gupta, through their joint venture company – Golden Ace Pte. Ltd., announced a voluntary conditional cash offer for Singapore-based RSH Limited. RSH is a leading pan-Asian marketer, distributor and retailer of sports, golf, active lifestyle and fashion products listed on the Main Board of the Singapore Exchange Securities Trading Limited. The company has carved out, through three decades of achievement, a retail network encompassing more than 28 different retail concepts and incorporating over 430 free-standing stores and 570 shops-in-shop in 12 countries. With an offer price of S$1.05 per share valuing RSH at approximately S$370 million, the offer will give Golden Ace a stake of more than 76.076 percent of RSH. Golden Ace is 30 percent owned by Emaar Retail LLC, a wholly-owned subsidiary of Emaar Malls Group LLC, which in turn is a wholly-owned subsidiary of Emaar Properties. The balance 70 percent is owned by Golden Focus Pte. Ltd., a wholly owned subsidiary of MGF Retail Private Limited, which is part of the MGF Group. Mr Mohamed Ali Alabbar, Chairman of both Emaar Properties and RSH, who holds approximately 25.968 percent of RSH, has undertaken not to accept the offer. Taking that into consideration, Golden Ace has to-date received sufficient acceptance undertakings to fulfill the condition. It is the present intention of Golden Ace to maintain the listing status of RSH on the SGX. write your comments about the article :: © 2007 Construction News :: home page |