Golden Ace Pte, a joint venture between Dubai-based Emaar Properties PJSC and the MGF group, one of India’s leading real estate developers, has acquired a 61.3% stake in Singapore-based retail firm RSH for S&227 million.
“We are excited to embark on our plans to expand into the retail business following the acquisition of RSH. Asia and the Middle East-North African region today is 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. 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. The results of the review will be disclosed when the details are finalised,” MGF group director Siddharth Gupta said in a statement on Wednesday.
DBS Bank is the financial advisor and WongPartnership is the legal advisor to Emaar-MGF. Emaar Retail, a wholly-owned subsidiary of Emaar Malls Group holds 30% stake in Golden Ace, while the remaining 70% is owned by MGF Retail, a part of MGF group.
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. The company has built a retail network incorporating over 430 free-standing stores and 570 shops-in-shop in 12 countries.
RSH has a presence in four broad categories of lifestyle and sports products. The company also has the exclusive retail rights to operate top fashion brand-names including Zara, Massimo Dutti, Mango, bebe and Pull and Bear, Ted Baker and Women’Secret in various territories, the statement said.
Source : Economic Times