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| Emaar acquires Golden Ace's debt Dubai, UAE Dubai-based Emaar Properties PJSC through its subsidiary Emirates Property Holdings Limited has acquired the debt provided to Golden Ace Pte. Ltd. by its lenders amounting to US$ 122 million. The loan was in default due to the inability of Golden Ace's majority shareholder to service the loan. The acquisition of the loan provides Emaar with the ability to exercise voting rights equivalent to 61.3% shares in RSH Limited. RSH is a listed company in Singapore having a portfolio of over 90 brand-names in sports, golf active lifestyle, fashion, watches, beauty and cosmetics in South East Asia and Middle East. write your comments about the article :: © 2009 Construction News :: home page |