| 27 Jul 2010 |
|
Emaar-controlled RSH gets Dh800m cash offer
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Singapore retailer RSH Limited, controlled by Dubai-based Emaar PropertiesEmaar Properties
, said on Monday that Peak Retail Investments, a company backed by Malaysian businessman Syed Azmin, had made a buy-out offer of about S$300 million ($218m/Dh800m).Peak Retail Investments is offering S$0.85 per share for all RSH shares, according to a statement.
Peak Retail is incorporated in Singapore and is controlled by businessman Syed Azmin, the brother of Syed Mokhtar, who controls Malaysian construction-to-power group MMC Corp.
In February this year, Emaar PropertiesEmaar Properties, which previously had a 30-per cent stake in RSH through a joint venture firm with India's MGF Group, had to increase its effective stake to 61.3 per cent after it took control of the debt owed by the joint venture firm. The move came after the joint venture firm had defaulted on a loan.
The Singapore-based RSH is engaged in the business of retailing international brand names.
The company, through its subsidiaries distributes and retails lifestyle products in four categories namely, fashion, sports, golf and active lifestyle.
The major brands distributed by RSH include Reebok, Mizuno, Lacoste, Wilson, Speedo, Nautica, Puma, Greg Norman, New Balance and Umbro.
The company has rights to distribute more than 90 major brands.
It has a retail network of 420 free-standing stores and 571 shops-in-ship which encompasses more than 40 countries.
By Staff
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