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Deepak Goel

New Delhi April 17 The MGF Group and Emaar Properties are all set to mark their presence in the retail space when their investment holding company Golden Ace Pte Ltd picks up 76.08 per cent equity in Singaporean retailer RSH (Royal Sporting House) shortly.

Golden Ace had made a conditional offer last month to acquire the stake at 1.05 Singaporean Dollar (SD) per share, valuing RSH at around 370 million SD ($242.5 million).

The deal would go through as Mr Jagdev Singh Gill, Mr Sajni Gill and Mr Vinod Kumar Gomber, who together hold about 42 per cent stake in RSH, have given their irrevocable undertaking to accept the offer, according to sources close to the development. The rest of the stake would be acquired from other equity holders. For 76.08 per cent stake, Golden Ace will have to pay around $184 million. Golden Ace, incorporated in Singapore, is 70 per cent owned by the MGF Group's subsidiaries and 30 per cent by Emaar Properties' subsidiaries. RSH, listed on the Singapore Stock Exchange, retails sports and lifestyle goods with operations in 12 countries in Asia Pacific and West Asia and exclusive distribution rights to over 60 brand names.

More Stories on : Retailing | Mergers & Acquisitions

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